According to Dubai based developer Damac Tower, 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.

Niall McLoughlin, senior vice president, marketing and corporate communications, said, “The project at Nine Elms, which was launced in 2015, is on track for its completion date by the end of 2020.

He said, “We launched it in 2015, we have sold 55 percent, and it will be completed by the end of 2020.

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.

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

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

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.

McLoughlin said, “Damac’s collaboration is with a fashion brand that brings value to our real estate product. It’s very good for business and we saw a gap in the market for 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.”

Source: Arabian Business

Fulya Altunyay/[email protected]