Luxury property developer DICO UK Property Holdings Ltd. - a wholly owned subsidiary of DAMAC International Limited - have announced an unprecedented project; an architectural and fashion collaboration in the form of a high-end apartment complex in the heart of London.
A unique composition
Luxury brand collaboration is not an entirely new venture for DAMAC. As pioneers in luxury brand associations across the premium Middle Eastern property market, their previous endeavours have included Fendi, The Trump Organisation and Paramount Hotels.
However, their latest development, the 50-storey, 360 unit AYKON Nine Elms will be the first luxury private residence of its scale in London and DAMAC's first project outside of the Middle East.
The centrally located 50 storey, 360 unit project is situated in the Nine Elms regeneration area adjacent to Battersea with views over the river Thames and across the city of London.
AYKON Nine Elms will boast a selection of one, two and three bedroom Manhattan style studios alongside premium penthouse apartments; also sporting a gymnasium, indoor swimming pool, spa, owners lounge, children’s play area, cinema and a roof garden.
With ‘...interiors by Versace / exteriors by London’ each property’s layout will be expertly designed, fitted and conceptualized by Versace Home.
The building's facade is a unique architectural vision, with its staggered floor arrangement and floor to ceiling windows crafted by top architects Kohn Pedersen Fox (KPF).
In 1994, Versace were the first fashion house to introduce their own home collection. In 2000 they created the concept of luxury fashion branded hotels, opening their first on the Gold Coast in Australia and their second in Dubai at the end of 2015.
Gian Giacomo Ferraris, CEO of Versace states:
‘In recent years, the private residential projects have become a strategic part of the Versace world. Today, thanks to the collaboration with DICO UK Ltd Property holdings and DAMAC … we bring the ultimate expression of Versace’s lifestyle to the very heart of London.’
London’s luxury market
According to the real estate advisory firm JLL, ‘London continues to be one of the most sustainable real estate markets in the world ... with solid year-on-year price growth circa 6%’ and analysts are expecting to see house price inflation rise 5-7% in the years to come.
With price tags varying from £700,000 - £4 million, the apartments are undisputedly at the luxury end of the market.
At a press conference, Hussain Sajwani, Chairman of DAMAC, stated that ‘There is a huge appetite from our current global customer base for luxury property investment in London.’
‘AYKON Nine Elms presents an unrivalled opportunity for them to access the stable and established London market.’
The well-established London property market was something Sajwani continued to draw attention to at the media event, describing London as an ‘international safe haven for property development’.
‘London is a world centre for arts, culture, commerce, science, technological development, and for education. I don’t have to tell you about London - most of you you live here!’
Telling the audience that it’s the city’s reputation which makes it ‘attractive to international investors’ Sajwani listed its ‘heritage’, ‘stable market’ and ‘stable currency’ as just some of its enticing attributes.
Global marketplace
Both companies have an impressive global awareness and an international audience. Based in Milan, Versace’s current market share is ‘spread out’ with 35% in Asia, 42% in Europe and 19% in the US, according to Ferraris.
Branching out into the real estate world, Ferraris stated that it is in Versace's DNA to mix 'classic and contemporary' with 'heritage and innovation', setting the benchmark high for future high-end developments.
‘Versace is synonymous with fashion and luxury, and its participation in the real estate business provides the opportunity to fully experience the Versace lifestyle’.
With numerous properties across the Middle East, DAMAC remains one of the Middle East's foremost luxury developers.
When asked about his thoughts on ‘global buyers and the global marketplace’ alongside the media's accentuation of ‘the influx of foreign buyers’ in London; Sajwani stated that the units would be offered to UK residents first, focusing primarily on ‘the people of London’ and secondly on overseas buyers.
Working closely with the community of Vauxhall and Lambeth councils, the towers are set for completion in early 2020 and anticipated as a ‘new icon on London’s skyline’.