British developer invites Thai investment in luxury London complex
February 18, 2014 00:00 By The Nation 2,679 Viewed
UK-based property firm Land Securities is introducing its luxury apartment complex Nova in Victoria to Thais interested in investing in London.
The company’s residential director Tom Eshelby said the Nova project when complete would deliver five landmark buildings covering 52 rai (8.3 hectares), including 170 luxurious private apartments and 35 unique homes with extensive public community and cultural space.
Each apartment offers an open, light and airy living space ready for adding personal style, with sophisticated lighting controls to create a private retreat and a pleasant ambience, he said.
Located in the heart of Victoria, a district of central London within the City of Westminster, the building overlooks its illustrious neighbour, Buckingham Palace, exclusive Belgravia and the opulent green fields of St James’s Park. The area has become a central hub for fashion houses, global companies and international professionals. Knight Frank has estimated that property prices in Victoria will rise by 25 per cent by 2016, making the area a prime location for investment, Eshelby said.
Nova in Victoria’s five buildings will deliver 83,335 square metres of living and working space. This is part of Land Securities’ Bt117.9-billion regeneration of the area.
He said Britain had a very clear and straightforward contractual law that makes it simple and hassle-free for foreigners to buy. There are no restrictions on who can buy where, as well as no time restrictions on when they can sell. Leases offered at The Nova Building are 999-year agreements.
Dominic Grace, head of London residential development at Savills, a real-estate services provider, said projects like Nova fulfilled the ambitions and aspirations of many buyers, both international and British. It is very well connected, has excellent accessibility to public transport and is only a stone’s throw from central London attractions such as Hyde Park, Buckingham Palace and St James’ Park.
Another factor is the convenience of living in a brand-new development with all the amenities and facilities on hand for residents, he said. Many investors at this price point are not looking for pure yield, but are buying into the continued attractiveness of London as a world city – a place that offers political and economic stability, with the added attraction of being an appealing educational centre. The scheme has attracted international buyers, especially from the Asia-Pacific region.
The property market in London is increasing as a stable and very profitable investment. Prime central London property prices are at an all-time high. Figures for the very best homes in the British capital increased by 7 per cent last year, according to Knight Frank’s “London & Victoria Residential Market Report 2013”.
The report also disclosed that for 2013, the forecast for prime central London price growth was 6 per cent. For properties priced below 2 million pounds (Bt108 million) in London, the Southeast Asian market dominated the new-build sector with 67 per cent of units sold last year.
Buyers from Hong Kong and mainland China were the largest group of new-build prime London buyers in 2012-33, accounting for 27 per cent of the market by volume, although just 17 per cent by value.