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Sun 12 May 2019 10:46 AM

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Over half of units in Damac Tower in London sold

The project, which includes Versace-branded apartments, is on track for 2020 completion date

Over half of units in Damac Tower in London sold
The Damac project at Nine Elms, which was launched in 2015, is on track for its completion date by the end of 2020.

As much as 55 percent of units in Damac Tower London, which is designed in partnership with Italian fashion firm Versace Home, have been sold, according to the Dubai developer’s senior vice president, marketing and corporate communications.

Speaking to Arabian Business, Niall McLoughlin said the project at Nine Elms, which was launched in 2015, is on track for its completion date by the end of 2020.

“We launched it in 2015, we’ve sold 55 percent, and it will be completed by the end of 2020,” he said.

In April, Damac Properties secured a development financing package of $229.4 million for the project, with funds from three major lenders including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD, completing the financing of the luxury tower.

“It’s fully funded for construction and we’re building very quickly,” McLoughlin added.

Buyers looking to purchase a studio or one, two or three bedroom home in the branded residential building are expected to pay an average price premium of 31 percent, according to a 2018 Savills report.

The 50 storey tower designed in stone, terracotta and glass is located on the south bank of the River Thames and boasts amenities like a Versace lounge, Versace-branded gym, roof terrace, pool and Jacuzzi, cinema rooms and valet parking.

In March, a five-bedroom apartment in the tower hit the market with a $19.7m asking price. The 3,626-square foot apartment will feature views of the River Thames, the Houses of Parliament, the London Eye, Big Ben, the Shard, the City of London and Canary Wharf.

The Damac Tower will be the first in Europe to be designed in partnership with the legendary Italian fashion house, Versace Home.

“Damac’s collaboration is with a fashion brand [Versace] that brings value to our real estate product. It’s very good for business and we saw a gap in the market for [such a] partnership. The relevance of Versace was quite apparent because they do a home collection, so it’s not just about putting a logo on a building,” McLoughlin said.

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