Launch of Versace-designed homes

Launch of Versace-designed homes

A London apartment block in the Nine Elms district on the south bank of the Thames will be launched here this weekend at the St Regis Hotel.

The Aykon Nine Elms, with 360 units over 50 floors, is being developed by Dico UK Property Holdings, a unit of Dubai's Damac International. A second tower provides office space and 18 floors of affordable and intermediate housing, where prices are capped at below-market rates for the local authorities to allocate to those who need such units. Nine Elms has long been an industrial area but is undergoing regeneration, with funding pumped in by private developers.

Aykon Nine Elms is Damac's first project outside the Middle East.

Mr Ziad El Chaar, managing director of Damac Properties, told The Straits Times that the company intends to leverage on its existing customer base, which largely comprises buyers from Britain, the Middle East and India. The property was launched in London and across the Middle East earlier this week.

He added that "when you're launching something related to fashion, you can't skip Singapore".

The home furnishings and common facilities in Aykon Nine Elms, such as the swimming pool, cinema and children's play area, have been designed by fashion house Versace, which Mr El Chaar believes will allow the homes to hold their investment value well.

The apartments range in size from studios to penthouses. Buyers who go for the larger units can also get a free interior design consultation with Versace, said Mr El Chaar.

But there is bad news for those who buy units to flip for fast profit. The developer's target is an even split between residential buyers and buyers who will be renting out their apartments, and Damac will have measures in place to prevent "people buying for pure speculation".

This article was first published on July 25, 2015.
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