Damac unveils progress at premier London project

Dubai – Mubasher: Damac Properties, a leading property developer in the UAE, on Tuesday announced it has completed the final floor slab of the North tower of Damac Tower Nine Elms, the company’s first project in London.

Niall McLoughlin, Senior Vice President at DAMAC Properties, said: “Being our premier development in London, and the first in Europe to be designed in partnership with the legendary Italian fashion house, Versace Home, DAMAC Tower Nine Elms has been a very exciting project for us.

“The premium development was designed to provide a new level of luxury housing in the heart of London, and is set to become a new icon on the city’s skyline. With over half of the units sold, we have received great interest from investors who are seeking premium branded real estate in London, and we are proud to see that the project is progressing ahead of schedule,” he added.

Damac revealed it is optimistic about the demand for new homes in London due to the emerging decrease in prices resulted from uncertainties around Brexit.

Regarding the property market situation in London, McLoughlin commented: “Despite the uncertainty in the UK’s political environment, there is a good demand for new homes, and declining prices and fluctuations in the British pound make for an ideal market for both international investors and buyers.”

The project is being developed by Nine Elms Properties, a wholly-owned subsidiary of Damac International Limited, the project in London’s newly renovated Nine Elms area on the south bank of the River Thames.

Damac Tower Nine Elms is a 50-storey tower comprising studios, one-, two- and three-bedroom apartments and features special ‘winter gardens’.

In August 2019, the core and floor slabs of the South Tower were 100% completed.

Earlier this year, Damac had secured a $229 million financing package from three leading lenders in order to complete the project.

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