Damac Properties (Damac) has announced that the official sales launch of its first residential tower at its Aykon City project will take place this weekend. The tower will house apartment units, spread over 60 floors, overlooking the canal. In the first phase of the launch, Damac plans to release two-bedroom units with prices starting at AED1.69mn. The release of the residential tower units follows the launch of hotel apartments within the project earlier this year and marks the launch of its fifth tower at Aykon City (out of a total of six). Management estimates the total sales value of the project to be AED7.4bn (AED6.6bn in our numbers) with a completion date of 2021. Our numbers incorporate AED1.1bn in contracted sales from Aykon City in 2016, of which AED500mn was reported in 1Q16 and AED800mn was reported through the beginning of May. (ME Construction News, Mai Attia, Sara Boutros)   DAMAC (DU): AED2.39 as of 8 June 2016, Rating: Neutral, FV: AED2.35/share, MCap: USD3,940mn, DAMAC UH / DAMAC.DU