DAMAC TOWER’s Versace-Branded Residences Renamed to Pay Tribute to UK Capital’s Prime Central Zone
Nine Elms Property Development Ltd, a subsidiary of DAMAC International Limited, has announced a re-branding of its premier
Nine Elms Property Development Ltd, a subsidiary of DAMAC International Limited, has announced a re-branding of its premier residential project in London. DAMAC Tower Nine Elms, the 50-storey tower with interiors by Italian fashion house Versace, has been renamed DAMAC Tower, in a tribute to the skyscraper tower being the only ‘One’ in central London with all 50 storeys’ interiors co-branded with such a premium Italian fashion house as Versace.
The re-alignment of the project’s name coincides with the launch of a further limited release of luxury units. More than 50% of the first phase of release have been sold since the launch only six months ago.
Niall McLoughlin Senior Vice President, DAMAC Properties, said: “Evolution is a continuous process in this ever-changing environment and real estate developments are no exception to this. From the moment of inception of a project, various factors should be continuously re-assessed and evolved in line with the ever-changing dynamics of the market and trends and this is the basis that prompted our re-branding.”
He added: “By showcasing the strategic location of the development and the unique design concept of the tower, it immediately places the development at the pinnacle of its market, backed up, of course, by its unique product offering. On the one hand, the name encapsulates London’s position as the world’s most popular capital, while the name also lends itself to the architectural wonder that DAMAC Tower will be. We found it most fitting for the new name to mark a fresh release of units in the next exciting phase in its evolution.”
London remains a key destination for the affluent from all corners of the globe and premium properties are most sought after, evidenced by the phenomenal rise in property prices and rents in such locations.
McLoughlin added: “With this demand in mind, and fortified by our deep understanding of what the affluent seek in a property, either as their ultimate home or as a high-yielding investment, we partnered with Versace Home, to develop DAMAC Tower and created a unique concept offering designer interiors in what is indisputably one of the most attractive and sustainable real estate markets in the world.”
The neighbouring Vauxhall area has witnessed a 69% rise in residential prices since 2010, according to a Knight Frank report published in 2015 and London’s year-on-year price growth rate is in the region of 6%.
In addition, according to real estate advisory firm Jones Lang Lasalle, it is expected that the growth rate will continue in this trend in the coming years.
According to the most recent Knight Frank Wealth Report, the number of ultra-high-net-worth individuals in the UK is expected to rise by 30% in the next 10 years, reaffirming that luxury properties in prime locations will remain in demand for years to come.
What remains unchanged about the project is its iconic design, from world-class architects, Kohn Pederson Fox Associates, and the collaboration with prestigious Italian fashion-house, Versace Home. The partnership represents the first-of-its-kind in Europe and the project has been very well received since its launch in July 2015.
DAMAC Tower, scheduled for completion in 2020, combines a mix of premium penthouses, three-, two-, one-bedroom and Manhattan Studio units with City and River views along the Thames to the Palace of Westminster and the London Eye. Rich amenities, including the state-of-the-art gymnasium, indoor swimming pool, spa and private residents’ lounge, along with children’s play area, roof gardens and cinema, all designed by Versace Home, will present the ultimate in high-end luxury living.
The exclusive development is nominated to win in the 2016 RESI Awards, organised by Property Week, which recognises the best developers and projects in the residential property market. The DAMAC Tower development has been shortlisted in the “Development of the Year” category.
DAMAC International is an associate of DAMAC Properties, one of the largest luxury real estate developers in the Middle East region, with an enviable portfolio of projects across the region. Having initially specialised in high-rise, luxury private apartment projects in the most sought-after locations in Dubai, the company is now developing major master plan developments, golf course communities, hotels and hotel apartments across the region. DAMAC Properties now works with some of the most recognisable names in the world of fashion and design, including developing a limited edition real estate collection with such companies including Versace, FENDI, Paramount Hotels & Resorts, Tiger Woods Design and others.
