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SG Battersea sells 95% in just five months

Property Here - Tuesday, May 21, 2013

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By Andrew Batt:

Less than 50 of the 866 units which form part of the first phase of the Battersea Power Station project (pictured) in London remain for sale after the developer reported it has exchanged contracts with close to 95 percent of buyers - worth £675 million.

Units officially opened for sales to buyers from Southeast Asia in the second week of January 2013, with buyers and investors from Singapore, Kuala Lumpur and Hong Kong snapping up more than half of the available units within seven days, according to media reports at the time.

In Singapore alone, contracts for more than 170 units were exchanged in the space of just three days in January, according to a spokesperson from the developer who spoke to PropertyGuru at the property exhibition in the city-state.

The first phase – known as Circus West – will begin construction in July. The 39 acre scheme will eventually include 3,400 homes, 1.7 million sq ft of offices, shops, and two hotels. Completion of the whole site is estimated for 2021.

Currently, six of every seven foreign buyers of London property are buying for rental returns, according to data from Jones Lang LaSalle.



Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg