Dubai property developer Damac has signed a £200 million contract with Lendlease to develop one of London's tallest residential buildings.

AYKON London One is a 50-storey development designed in partnership with fashion house Versace Home.

The development will provide 450 new homes and is sited within Zone 1, at Nine Elms on the South Bank, part of a wider multi-billion pounds regeneration scheme that includes the redevelopment of Battersea Power Station as well as the location for the new US Embassy.

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Hussain Sajwani, Chairman of DAMAC Group, commented: "AYKON London One is a landmark project and our first major international development outside of the Middle East. We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world. We are delighted to be working with a respected partner such as Lendlease."

Neil Martin, Managing Director of Construction for Lendlease Europe, also said: "We are excited that DAMAC Group has chosen Lendlease to deliver its flagship project in the UK. Our strategy of taking a selective approach to bidding is paying off, and is allowing us to focus on prestigious projects such as this one. We are looking forward to building a strong relationship with the DAMAC team."

(CD)