Gulf investors, Brits snap up DAMAC's Versace-designed London tower

Publish November 18, 2020
fashion

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

Latest Stories

Irish dairy farmers' milk donations raise over €100k for famine-hit Yemen

2020-11-16 06:00:00

A campaign to encourage Irish dairy farmers to raise funds for those affected by war and famine in Yemen has so far raised more than"...
Read More

Two service projects begin in capital Sana'a

2020-11-10 04:00:00

SANA'A, Nov. 09 (Saba) - Deputy Prime Minister for Services and Development Affaires Hussein Maqbouli and capital Sana'a"...
Read More

Tamkeen Development Program: Empowering Yemeni Communities

2020-11-01 04:00:00

The conflict in Yemen has caused immense suffering and financial devastation in disadvantaged communities, leaving many dependent"...
Read More

Hodeida distributes solar systems for IDPs

2020-10-26 05:00:00

HODEIDA, Oct. 25 (Saba) - Hodeida province has started inaugurating the distribution of solar energy systems for internally displaced"...
Read More