Zeta’s work will include piling and excavation works with a depth of 24 meters, the company said.

Interior designs for the building were undertaken by Italian fashion house- Versace Home. Versace has designed all interior facilities, including the swimming pools, the lobby, and apartments.

Project needs three years to be complete in 2013, according to company sources. It will boast, in addition to residential units, health and fitness facilities, and a main lobby featuring Versace designed products.

Costs of apartments start from 7,000 per square meters and inch up along with the apartment height and view, said Mohamad Sinno, Managing Director of Vertica Development, an authorized agent by Damac to sell apartments of the Versace Tower.

The Versace Tower project, is Damac’s first new real-estate investment in over a year and a half, and comes as Damac seeks to expand its portfolio of projects and embark on new investments inside and outside the UAE market.

Damac has bought the land to set up the project back in 2006, and has teamed-up with Ivana Trump, Donald Trump’s X-wife, to launch a Tower in Solidere, but the company has put the plans on hold following the 2006 war with Israel, and it was forced to reimburse its clients.

Today, the company is confident that the property boom in Beirut is fitting to re-launch the project. “We feel the time is now right for the launch of this product to a market which continues to show signs of buoyancy and recovery,” said Hussein Sajwani, Damac Tower’s CEO.

The Damac-Versace partnership is the first of its kind in Lebanon, but is not the first in the region. Both companies have tied back in 2009 to launch Damac’s first retail outlet in the UAE at the Dubai Mall.

Established in 2002, Damac Properties operates in Dubai and in the Middle East. It has expanded to several markets, mainly North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.