NewDubai developer Damac Properties reaches out to Asian investors
Developer hopes to take its first London project to mainland buyers in September after targeting investors in Hong Kong and Singapore
Dubai luxury property developer Damac Properties will take its first London project to mainland Chinese buyers in September, through a partnership with Beijing-based agency 5i5j, its managing director Ziad El Chaar told the South China Morning Post.
The 50-storey, 360-unit apartment tower in London's Nine Elms area, overlooking the River Thames, was unveiled to investors in Hong Kong and Singapore on July 24-26, after its launch in London on July 22.
Chinese investors have become an increasingly important force in buying properties globally, and London is one of their favourite spots. Nine Elms is also familiar as Chinese developer-to-cinema conglomerate Dalian Wanda Group marketed its first London project in the same area a few months ago to buyers in its home market.
What is different about Damac Properties' Aykon Nine Elms project is that all the units will feature home products by Italian fashion house Versace. The Dubai company acquired the land parcel in Europe's biggest regeneration area - with more than two dozens of developers already there - in April.
"There is a lot of competition in London and a lot of established developers," said Chaar, who is leading his firm's global expansion. "But we believe the product we have introduced has set ourselves apart from all other developers in the market."
That means prices will be higher than many others, starting at £711,000 (HK$8.6 million) for a studio. Some units will cost as much as £4 million. International buyers need to put down a deposit of 25 per cent in the next 18 months, with the remaining 75 per cent due in 2020 when the project is scheduled to be delivered, Chaar said.