Damac Properties on Monday launched Aykon Nine Elms in London, its first development outside the Middle East, where it plans to initially market properties starting at £700,000 ($1 million).
The Dubai-listed property developer holds a 20% stake in the project set to be built in the UK capital, with the rest being held by its chairman and founder Hussain Sajwani.
“Aykon Nine Elms is our first project outside the Middle East,” Mr Sajwani said.
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Billed as “London’s first fashion-branded residence”, the 50-storey Aykon tower, due for completion in 2020, will feature interiors by Versace Home.
The luxury tower is being developed by Dico UK Property Holdings, a wholly owned subsidiary of Damac International, which is 20% owned by Damac Properties.
It will include 360 units, including 90 ‘affordable’ or lower-cost units, ranging from one to three bedrooms and penthouses. Amenities will include a gym, indoor swimming pool and spa.
Prices range from £700,000 ($1 million) to £4 million, Damac executives said, although the penthouses and ‘affordable’ units have not yet been priced. It is being launched to UK-based investors this week with an international launch later on.
The development is located at the heart of the UK capital’s Nine Elms regeneration area, which will also be home to the new US embassy.
Companies working on the project include architecture firms Kohn Pedersen Fox Associates, while the consultants include Turner & Townsend, JLL and WSP, Damac said in a statement.
Damac Properties has delivered 14,000 units in the Middle East and has another 37,000 in the development pipeline, Mr Sajwani said.
IN PICTURES: Damac’s first UK property features Versace interiors
READ MORE: Damac shares rally in Dubai on London tower plans