Damac Properties (Damac) has announced that a total of c800 units were sold to date at Aykon City, including the units sold over the weekend at its most recent launch (residential building). In value terms, cAED500mn were sold in 1Q16 when the project was first launched, cAED800mn in April, while today the number stands at cAED900mn. Management has indicated that the weekend’s launch was well received, despite the launch taking place in the naturally-weak month of Ramadan. The total sales value of the project is AED7.4bn, based on our and management’s estimates. (Bloomberg, Mai Attia, Sara Boutros)
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