Damac Towers Nine Elms in London: Dubai developer completes first European project

Handover of units begins at the luxury development which has Versace interiors

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Dubai developer Damac Properties has started handing over units at its Damac Towers Nine Elms (DTNE) project in London, marking the completion of its first development in Europe.

The 50-storey development of 450 units including studio and one, two and three-bedroom apartments near the centre of London is a tie-up with Italian fashion house Versace, which has provided the interiors.

As well as 8,010 sq ft of communal gardens, it also has four levels of office space in its South Tower.

“We are delighted to have completed our first project in Europe,” said Niall McLoughlin, senior vice president at Damac. "DTNE is very special to us and we are beyond pleased with the end result."

Average house prices in the UK increased by 12.4 per cent over the year to April, the Office for National Statistics said last week.

The average UK house price was £281,000 ($344,919) in April, which is £31,000 higher than in April 2021.

Damac previously said that Britons, Chinese and Gulf buyers made up the core of the UK customer base for the DTNE development. Homes were on the market from slightly more than £900,000 to £14 million.

“It's an exciting time for Damac and we are rapidly expanding our global footprint by looking at JV [joint venture] opportunities across the world," Mr McLoughlin said.

As well as Versace, Damac has collaborated with various other global brands such as Cavalli, de Grisogono, Paramount, Rotana, Radisson and The Trump Organisation.

The developer last month won a $120m bid to acquire land in the upmarket Miami district of Surfside, where it plans to build a luxury Cavalli-branded condominium project. It will be Damac's first project in the US.

Damac is also developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International.

In April, it announced it will accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors, while Damac Group, parent company of Damac Properties, said it plans to invest $100m to build “digital cities” in the metaverse.

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Updated: June 30, 2022, 10:44 AM
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