Luxury property now 60% sold, says UAE-based developer

UAE-based DAMAC Properties has sold out more than half of its upcoming 50-storey tower in London, with some of the buyers coming from the Gulf Cooperation Council (GCC) region, the real estate developer said on Tuesday.

The company’s premier development in the UK capital, DAMAC Tower Nine Elms, is on track to be completed on schedule, with the building already topped out last year and the fit-out process across all floors, as well as the installation and landscaping works, already in progress, DAMAC said on Tuesday.

“We see this as a remarkable achievement given the unexpected coronavirus pandemic, which threw the market into a tailspin,” said Ali Sajwani, general manager of DAMAC Properties.

“Due to our high safety standards on site, we have been able to keep our progress on track with minimal interruption. From a financial standpoint, DAMAC was far better positioned than other developers to absorb market shocks due to its strong business model and balance sheets,” Sajwani added.

The luxury development, whose finishings and interiors have been designed by Versace Home, is now 60 percent sold out, and it features penthouse apartments, as well as studios and flats with one, two or three bedrooms.

DAMAC said buyer interest was piqued by the opportunity to own a property designed by the eponymous Italian brand, with several of the investors comprising of British, Saudi, Qatari and Chinese nationals.

“After the building was topped out, clients have gotten to see its spectacular finishing and interiors designed by Versace Home, which has [generated] investor and homeowner interest,” Sajwani said.

“While COVID-19 has impacted the global real estate industry in general, we are not worried about DAMAC Tower Nine Elms, because it is able to offer clients a premium location in London’s prestigious central district,” Sajwani added.

DAMAC’s parent firm, The DICO Group, has recently appointed a new senior vice president for acquisitions to explore further investments outside the Gulf region. The firm has also recently acquired Italian fashion house Roberto Cavalli.

zawya