Friday, July 20, 2012

Strong interest expected for Westminster property

Berkeley Homes is launching its latest London development (pictured) in Singapore this weekend at a time when Singaporean property buyers and investors are buying London property in ever increasing numbers.

The first phase of the Abell & Cleland project, one of very few new developments to emerge in the Westminster area of central London in recent years, attracted what agents Knight Frank described as “pleasantly surprising” levels of interest at its Hong Kong launch last weekend.

The development, which will encompass 206 one-, two- and three-bedroom apartments, is being showcased at St Regis Hotel in Singapore this weekend (July 21 – July 22).

Developer Berkeley Homes is a 20-year veteran when it comes to selling UK properties in the region, but recently Singapore has become an increasingly important destination for property developers from London.

Seb Warner, Regional Director, Asia Pacific, International Project Marketing for Knight Frank, told PropertyGuru: “Buyers from Asia are without doubt the most significant buyers of off-plan properties in central London. Ten years ago buyers were mostly from Hong Kong, but in the last four years the number of Singaporean buyers has grown to the point where they have overtaken those from Hong Kong.”

Almost every weekend Singaporean property buyers and investors are being tempted by London property exhibitions. Warner added: “There’s a perception that a lot of projects are coming to Singapore to sell, but in reality there are not a lot of developments being launched. There’s a 40 percent shortfall of supply versus demand.”

He added that as many as 50 percent of buyers at London property exhibitions organised by his company do not already own property in the UK capital.

Abell & Cleland is expected to attract interest from Singaporean buyers because of its stunning location in the heart of London. Paul Vallone, Managing Director for Berkeley Homes, said: “This is without doubt one of the most exciting and eagerly anticipated developments in the heart of the capital for some time.”

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