Damac Properties, a leading luxury real estate developer, said one of its subsidiaries plans to build a luxury residential tower in south-west London’s Nine Elms regeneration area.

Dico UK Property Holdings will be kicking off the first of its fashion residences in the UK's capital with a 50-storey, 360-unit project featuring interior designs by Versace. The lobby, amenities and interiors for each property will be expertly designed and fitted out by Versace Home.

The new tower, Aykon Nine Elms, is located at the heart of the Nine Elms regeneration area adjacent to Battersea, overlooking the River Thames. The tower is due for completion in 2020.

It will be the first private residence project of scale in London to be fully designed and conceptualised by a luxury fashion house, with Versace involved in all aspects of interior design, said Damac in a statement.

Amenities will include a hi-tech gymnasium, indoor swimming pool and spa, an owners lounge, children’s play area, roof garden and cinema, all designed by Versace Home, it added.

Aykon Nine Elms combines premium penthouses, three-, two-, one-bedroom apartments and Manhattan Studio units with city and river views along the Thames to the Palace of Westminster and the London Eye.

Gian Giacomo Ferraris, CEO of Versace, said: "Versace is synonymous with fashion and luxury and its participation in the real estate business provides the opportunity to fully experience the Versace lifestyle. In recent years, the private residential projects have become a strategic part of the Versace world."

"Today, thanks to the collaboration with Dico UK Property Holdings and Damac – a developer who we have worked with for many years and who shares our vision for the highest standards – we bring the ultimate expression of Versace’s lifestyle to the very heart of London," he added.

A host of internationally recognised companies are working on the project including one of the world’s preeminent architecture firms, Kohn Pedersen Fox Associates, Turner & Townsend and consultants including WSP and 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 six per cent according to JLL.

Analysts expect house price inflation in the region of five to seven per cent in the coming years.

Damac chairman Hussain Sajwani said there was a huge appetite from its current global customer base for luxury property investments in London.

"Aykon Nine Elms presents an unrivalled opportunity for them to access the stable and established London market. The luxury tower, with Versace-branded living, is a truly unique concept and a fantastic addition to the residential market in this amazing cultural and vibrant city," noted Sajwani.

“It also presents prospective buyers with an unrivalled opportunity to own a luxurious central London home, in close proximity to the luxury shopping destinations of Knightsbridge and Mayfair, Chelsea and the planned Linear Park,” he added.-TradeArabia News Service