Damac Properties is said to have held talks with the Greater London Authority with regards to developing its second project in the country. The Dubai-based property developer is understood to have already viewed 30 sites, with plans to develop a significant regeneration site in the country's capital.
The company, which got listed on the Dubai Financial Market in 2015, is planning to buy a site and develop both residential and commercial spaces. It aims to do this through a joint venture with a local player.
The latest development follows its luxury apartments project, Aykon London One, at Nine Elms regeneration area adjacent to Battersea. Damac is set to begin construction on its first project, which overlooks the River Thames, in 2016. It is designed to have more than 50 floors that would include 360 apartments designed by Versace Home.
Hussain Sajwani, chairman at Damac said, "We want to do a master plan [for the second project] like Akoya in a suburb of London. We were very much welcomed in London and things are moving forward . . . We want to be among the three biggest property developers in London within five years. We are there for the long haul." Damac would adapt its offerings to suit the local market and planning requirements, he added.
The company, which took a hit when Dubai's property market crashed in 2008, is known for its association with high-end brands. Its Akoya Oxygen project located in Dubai includes a Trump-branded golf course and villas bearing the brand name of high-performance 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 seeing a slowdown for luxury homes, the company is now considering developing more projects outside its home country. Damac has until date completed the development of just two projects outside Dubai. One is a residential venture with 48 floors in Jeddah and the other is a 20-storey mixed-use project in Qatar, according to The Financial Times.