DAMAC’s 1st tower in the city of London reaches its pinnacle
DAMAC has announced the early completion of the final floor slab of the North tower of its premier London project, DAMAC Tower Nine Elms. The core and floor slabs of the South Tower were also completed in August 2019.
Commenting on the progress, Senior Vice President at DAMAC Properties, Niall McLoughlin, said, “Being our premier development in London, and the first in Europe to be designed in partnership with the legendary Italian fashion house, Versace Home, DAMAC Tower Nine Elms has been a very exciting project for us. The premium development was designed to provide a new level of luxury housing in the heart of London, and is set to become a new icon on the city’s skyline. With over half of the units sold, we have received great interest from investors who are seeking premium branded real estate in London, and we are proud to see that the project is progressing ahead of schedule.”
DAMAC is also optimistic about the demand for new homes in London amidst a decline in prices arising from uncertainties around Brexit. Commenting on London’s property market, Niall McLoughlin added, “Despite the uncertainty in the UK’s political environment, there is a good demand for new homes, and declining prices and fluctuations in the British pound make for an ideal market for both international investors and buyers. The UK has always demonstrated its ability to bounce back from adversity and we are confident that those who invest in real estate today, will benefit from the uptick once there is more clarity on the economic and political landscape of the country.”
Nine Elms Properties, a wholly owned subsidiary of leading luxury real estate developer, DAMAC International Limited, is developing the project in London’s newly gentrified Nine Elms area, on the south bank of the River Thames. The 50-storey tower comprises studios, one-, two- and three-bedroom apartments, complemented by premium finishing, and features special ‘winter gardens’ that offer panoramic views of the city.
Earlier this year, DAMAC secured a $229 million development financing package from three major lenders for the project’s completion. The success of DAMAC Tower Nine Elms has prompted the company to look for other investment opportunities in London. Beyond the UK and the UAE, DAMAC’s global footprint extends across markets such as Saudi Arabia, Jordan, Lebanon, Oman, and Qatar.
