UAE-based Damac Properties has signed a £200m ($263m) deal with Lendlease, an Australian infrastructure company, to build Aykon London One, its first residential project in the UK. The move indicates that external investors still have confidence in the country's economy post Brexit.
It was previously reported that apartments in this project would cost £711,000 and upwards, and those facing the River Thames had already been snapped up in pre-sales.
Once completed, this 50 floors project – that sits in Nine Elms – will be one of London's tallest residential buildings. The project includes the redevelopment of Battersea Power Station and is expected to be completed by 2020, according to The Telegraph.
The Dubai Stock Exchange-listed company, which has a market capitalisation of about £3bn, has roped in fashion label Versace for the project. The Italian company would work on the interiors of homes, retail and office space.
This is not the Middle Eastern company's first association with a luxury brand. According to reports, its Akoya Oxygen project located in Dubai includes a Trump-branded golf course and villas bearing the brand name of car manufacturer, Bugatti. These villas are being developed to allow its owners to admire their Bugatti sports cars parked in a glass indoor display area, from their living rooms.
With Dubai witnessing a slowdown in sales of luxury homes, Damac is now considering developing projects outside its home country. The Aykon London One is the property development firm's first project outside the Middle East.
"AYKON London One is a landmark project and our first major international development outside of the Middle East. We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world," Hussain Sajwani, chairman at Damac said.