Nine Elms Property Ltd Inks GBP 240 million Contract with Multiplex to Build DAMAC Tower

Nine Elms Property Ltd, a wholly-owned subsidiary of leading luxury real estate developer DAMAC International, has awarded a GBP 240 million contract to global contractor Multiplex for the construction of its ultra-luxury DAMAC Tower.

“DAMAC Tower is our premiere international development outside of the Middle East and a landmark project for the UK’s capital,” said Hussain Sajwani, Chairman of DAMAC. “Based on its 50-year track record and expertise in the construction industry, we are delighted to appoint Multiplex as the main contractor to build this iconic residential project which will be the first-of-its-kind in London. The project continues to garner interest from investors who appreciate such a niche investment opportunity and seek premium branded real estate in one of the most desirable cities in the world.”

The luxury branded residential tower is set to become a new icon on the London city skyline, and will be the first in Europe to be designed in partnership with famous Italian fashion house, Versace Home. The 50-storey tower, located in one of London’s most prestigious residential addresses, will comprise of studios, one, two and three bedroom apartments, complemented by premium finishings, and feature special ‘winter gardens’ that offer panoramic views of the city.

“We are pleased to have been selected to deliver the DAMAC Tower project and look forward to a long and fruitful relationship with DAMAC,” said Ashley Muldoon, CEO Multiplex. “We have an enviable track record of completing on time, on budget and to the highest quality and design criteria and a prestigious project such as this allows us to demonstrate our proven capabilities.”

The development will provide 450 new homes and is sited within Zone 1 at Nine Elms on the South Bank, part of a wider multi-billion pounds regeneration scheme that includes the redevelopment of Battersea Power Station as well as the location for the new US Embassy. The Versace-branded tower, designed by architect Kohn Pedersen Fox Associates and valued at EUR 645 million, is scheduled for completion in 2020 and is already 45 percent pre-sold.
In addition to residential units, DAMAC Tower will comprise four storeys of office space and will contain a sky bridge between the south building and north tower, which is topped by an extensive roof garden at level 24. Further residential amenities include a children’s play area, expansive indoor swimming pool, Jacuzzi, state-of-the-art gymnasium, residents lounge, hospitality services as well as 9,924 square feet of communal gardens.