Azizi Developments, a UAE-based real estate developer, has announced that construction work is progressing well at its AED12bn ($3.26bn) waterfront project Azizi Riviera in Dubai's Meydan One district.
The company has appointed KSS Engineering and Construction and Zahrat Al Safa Contracting to deliver the first phase of the development. Seidco has been awarded the contract of phase two.
The combined project value of phase one and two stood at AED6bn ($1.63bn).
The project, which was inspired by the French Riviera, features 69 mid-rise residential buildings comprising 13,000 units of studio, one- and two-bedroom apartments, a mega integrated retail district and a four and a five-star hotel.
Located in the Meydan One district, construction on the project commenced in July 2017 and the phase one and two is expected to complete by the second half of 2018.
The 17-level apartment building will feature a total of 349 studios, 87 one-bedroom arrangements and 43 two-bedroom units, and is in close proximity to the UAE Exchange Metro Station and the Expo 2020 site.
Azizi Developments CEO Farhad Azizi said: “Azizi Developments is undergoing a rapid phase of growth and we feel it is extremely important to keep our customers aware of the status of their investments.
“We are one of the very few construction-driven developers that put their own equity into a project, in the range of 10-20% prior to the launch. This allows us greater stability and control on the timelines of construction activities and increased transparency with customers.”