Tuesday, May 15, 2012

Chelsea Creek sees large sales in Singapore

EXCLUSIVE: London property remains a hit with Singaporean property buyers and investors, as evidenced by strong sales at exhibitions over the course of last weekend (May 11-12).

St George, the developer of Chelsea Creek (model pictured), a luxury waterfront development in the heart of West London, chose Singapore for the worldwide launch of the first phase of the 82-unit development.

The three-day event at St. Regis Hotel attracted considerable interest from locals. Seb Warner, Regional Director for Asia Pacific International Project Marketing for Knight Frank, told PropertyGuru: “Our Singapore launch for Chelsea Creek last weekend was a huge success, and a large number of sales were done.”

Prices for a 460 sq ft ‘Manhattan’ one-bedroom suite at the project, which is due for completion in spring 2014, start at GBP499,950 (S$1 million). Owners have the right to bring a boat into the development, which boasts one-, two- and three-bedroom apartments and penthouses.

Interestingly, the next stop for the developer on its tour of Southeast Asian cities is Kuala Lumpur, ahead of Hong Kong which is traditionally considered to be, alongside Singapore, the preferred destination for Asian property launches.

Over the past two years, Singaporean buyers have been purchasing prime central London property in large numbers on the back of its position as a safe haven investment destination. Despite the increasing number of overseas investment opportunities being offered in the city state, London property remains arguably the most popular for cash-rich Singaporeans.

UK buyers have been few and far between during the same period, but they’re starting to return to the mid- and high-end markets. Neil Batty, Partner, Residential Investment and International Project Marketing for Knight Frank, told PropertyGuru at the Chelsea Creek event: “UK buyers number about the same as overseas buyers in our London projects right now. Our buyers are not just looking at this as an investment, many of them are buying for their own use.”

One third of last weekend’s overseas property events in Singapore featured London properties.

View the original article here

Source Form Channel News Asia

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