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UAE firm invests $130m in luxury Chelsea homes project

UAE-based Gulf Islamic Investments is leading a £100 million ($130.4 million) development of premium residential apartments in Chelsea, London.

The property, a former police station, is located in the highly desirable Royal Borough of Kensington and Chelsea, the company said in a statement.

GII is developing the project in coordination with its Dubai and London office and has put together a team including London developers Northacre and architects Squire & Partners.

The project is expected to have a mix of 1, 2 and 3 bed high-end residential apartments and penthouses of varying sizes built over a land area of 8,500 sq ft, the statement said.

The property was acquired late last year and the development work for the project has already started and is expected to take around 45 months to complete.

Mohammed Al-Hassan, CEO, Gulf Islamic Investments, said: "This is our second foray in UK since the beginning of this year and this deal is a part of our overall commitment of investing $1 billion in real estate globally.

"We still believe in British economy and its capabilities and potentials even after the Brexit... The vote for the UK to leave the European Union has smashed the value of the pound lower against its rivals. And that is encouraging potential purchasers of luxury homes and commercial buildings in London."

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