Dubai-based real estate company Damac signed an agreement with Australian contractor Lendlease worth $263 million to build its new AYKON tower in London, Arabian Business reported.

Lendlease is expected to construct Damac’s first tower development in the UK, also considered one of London’s tallest residential buildings, that will feature 50 floors and is scheduled to be completed in 2020.

A regeneration area on the south bank of the River Thames, AYKON London is located in Nine Elms, carrying a total development value of $851 million, Gulf News reported.

The development is set to include 360 luxurious apartments designed by Versace Home are included in AYKON London, while a number of affordable units will also be made available under London planning regulations, as well as office, retail and amenities.