Azizi Developments Starts Work to Build Second Tallest Tower in Dubai Worth $1.5 Billion


Azizi Developments has initiated the construction of a mega-tall tower with an estimated cost of $1.5 billion in Dubai, aiming to secure the position of the world’s second tallest building pending approval.

The final height of Burj Azizi is contingent upon approval from the relevant authorities, and the developer refrains from disclosing the exact height until the proposed structure receives the necessary approval. However, Azizi Developments does confirm that it will be the second tallest building in Dubai.

This $1.5 billion tower, situated on Sheikh Zayed Road in Dubai, will encompass luxury apartments, penthouses, a multi-floor mall, a seven-star hotel, upscale F&B outlets, and an observation deck.

The completion of Burj Azizi is scheduled within four years, as per the developer’s announcement.

Azizi Developments Starts Work to Build Second Tallest Tower in Dubai Worth $1.5 Billion - Smart Zones® Luxury Properties

“This tower will be our legacy. With Dubai having given my family and me so much – safety and an abundance of opportunities – this tower, which will be the second tallest [in the world], is our way of giving back to this emirate and its remarkably hospitable and welcoming people,” stated Mirwais Azizi, founder and chairman of Azizi Developments.

Since its opening on January 4, 2010, the 828-meter Burj Khalifa has held the title of the world’s tallest building. To claim the position of the second tallest globally, Burj Azizi must surpass the height of 679 meters, currently held by Malaysia’s Merdeka 118, which opened in November.

For the Burj Azizi to be the second tallest building in Dubai, it needs to exceed the height of 450 meters, the current height of the Franck Muller Aeternitas tower under construction in Dubai Marina.

As of now, according to the Council on Tall Buildings and Urban Habitat, Marina 101, measuring 425 meters, holds the second tallest position in the city, while the Princess Tower in Dubai Marina, at 413 meters, is the third tallest.

Master community

Azizi Developments had previously proposed plans for a landmark tower on Sheikh Zayed Road.

The developer initially announced the construction of a 570-meter skyscraper with 122 storeys in March 2018.

During Cityscape in 2022, Farhad Azizi, the developer’s chief executive, unveiled plans for the second-tallest tower in Dubai, forming part of a multibillion-dollar investment strategy.

Describing the tower as “like a master community but in one tower,” Mr. Azizi announced in May plans to invest up to Dh60 billion ($8.16 billion) in developing a portfolio of 50 luxury hotels and resorts, including a seven-star hotel, in Dubai.

Currently, Azizi has approximately 40,000 units under construction, slated for delivery by 2027.

In September, the developer launched Azizi Venice, a Dh30 billion ($8.16 billion) mixed-use development featuring over 30,000 homes in 100 mid-rise apartment complexes and more than 400 villas and mansions.

Following a record year for developers, property prices in the UAE are anticipated to continue rising in 2024. In Dubai, average residential prices are expected to increase by 5 to 7 percent, according to ValuStrat.

However, by the summer, “we could see an inflection point where we could see a turn in the curve, and if it happens, then it will hit the high-end luxury market first,” noted Haider Tuaima, director and head of real estate research at ValuStrat.

  

Publish Date: 18 Jan 2024

Source: https://www.thenationalnews.com/business/property/2024/01/18/azizi-starts-work-on-15bn-dubai-tower-that-could-be-the-worlds-second-tallest/

 
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