Completion Despite COVID-19 SlIn London, DAMAC Tower Nine Elms on Track for owdown

DAMAC Properties has announced that its DAMAC Tower Nine Elms project located in Nine Elms, Vauxhall, London, is on track to be completed on schedule despite challenges caused by the outbreak of the COVID-19 pandemic.

With rigorous health and safety measures in place, construction work on the site is fully operational. The façade from floor level 2 to 50 has been completed, while installation for the retail areas is currently progressing. The fit-out process has also commenced across all floors, while other installations and landscaping are on track. The building was topped out last year while the sky bridge connecting the north and south towers was also completed.

“We see this as a remarkable achievement given the unexpected coronavirus pandemic, which threw the market into a tailspin. However, due to our high safety standards on site, we have been able to keep our progress on track with minimal interruption. From a financial standpoint, DAMAC was far better positioned than other developers to absorb market shocks due to its strong business model and balance sheets,” said Ali Sajwani, General Manager of DAMAC Properties.

The company stated that around 60% of the 50-storey tower has been sold and  the core of the current customer base for the DAMAC Tower Nine Elms property is primarily comprised of British, Saudi, Qatari, and Chinese nationals.

Nine Elms is DAMAC’s premier development in the UK and Europe’s first collaboration between Versace Home and a new residential property in London’s Prime Zone 1 location. Set on London’s South Bank, in the Nine Elms area, the ultra-modern tower boasts a unique and balanced architectural composition, carefully crafted to create impressive views from every aspect. The property will have 450 studios, and 1, 2 & 3 bedroom along with penthouse apartments. Each tower will have 4 levels of office space and 8,010 sq. ft. of communal gardens.

“The launch of Nine Elms came at a time where London was facing a massive housing shortage crisis, so we have already seen a lot of interest coming from Londoners themselves, especially those looking for luxury living,” said Sajwani.

“After the building was topped out, clients have gotten to see its spectacular finishing and interiors designed by Versace Home, which has peaked investor and homeowner interest. While COVID-19 has impacted the global real estate industry in general, we are not worried about DAMAC Tower Nine Elms, because it is able to offer clients a premium location in London’s prestigious central district.”

As part of its long-term commitment to bringing high-quality developments in key locations worldwide, DAMAC is looking at taking on potential projects under joint ventures, so that capital exposure would be measured. The scalability of the market will also be taken into consideration before investing as well.

“We have development teams working in various cities around the world looking for opportunities. DAMAC's strategy is to target international markets that are customer led and where we have existing brand equity with customers who would be interested in these markets,” said Sajwani

Regarding further investments in London, Sajwani added, “The UK offers a number of perks and advantages for investors and London itself is a microcosm of all those advantages. Apart from being the world’s leading financial district, the UK offers a world-class education system and London has some of the best schools and colleges. It is a multi-cultural city that has four main airports in proximity and is centrally located between Asia and America. All of this makes DAMAC keen on investing in London and expanding its brand there.”