Versace-designed Aykon Tower flats in Nine Elms to cost £711,000 and more

Apartments at a luxury London project at Nine Elms regeneration area adjacent to Battersea, overlooking the River Thames, went on sale on 22 July with prices starting at £711,000 (€1m, $1.1m) for a studio.

The 57-storey skyscraper to be completed in 2020 will have 360 apartments designed by Versace Home. The project will also feature 9,924 square feet of communal gardens, indoor swimming pool and Jacuzzi, state-of-the-art gymnasium and two car lifts among other amenities.

The 168m-high Aykon Tower is being developed by DICO UK Property Holdings Ltd, a wholly owned subsidiary of DAMAC International. It is the luxury developer's first fashion-branded project in London. Dubai-listed property developer Damac Properties owns a 20% stake in Damac International.

All of the Thames-facing apartments in the tower had already been snapped up in pre-sales, the Guardian reported. The newspaper added that a parking place at the project comes for an extra £50,000.

London continues to be one of the most sustainable real estate markets in the world, with solid year-on-year price growth about 6%, according to the real estate advisory firm Jones Lang Lasalle. Analysts expect house price inflation in the region of 5-7% in the coming years.

"There is a huge appetite from our current global customer base for luxury property investments in London," said Hussain Sajwani, chairman of DAMAC.

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

Hamptons International, agents for the tower, claims investors in the apartments will make a 23% profit if they sell them when they get the keys in five years.

House prices in London are steadily increasing primarily due to high demand from overseas investors who view the properties as safe-haven assets.