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Fitzroy Place hopes to lure more Thais

By on Sep 24, 2012 in Property News

London apartments continue to fascinate

Encouraged by the sale of seven units worth a combined 639 million baht to Thai buyers, Fitzroy Place, a London-based luxury-apartment project, will launch marketing activities for its last phase in Thailand by the end of October this year.

Exemplar, the developer of the project, has launched marketing and exhibition activities for its first three phases in May this year in Hong Kong and Singapore. It has sold up to 95% of the first two phases and got 70% bookings for the third phase.

Of the total sold units, 50% were sold to Southeast Asian buyers, mainly those from Hong Kong and Singapore, followed by Malaysians.

“Southeast Asian buyers are familiar with buying units in an off-plan project while British buyers prefer seeing the product before buying, as they need a physical touch,” said Daniel Van Gelder, co-founder of London-based Exemplar.

Most Southeast Asian customers bought the units for their children who are studying in Britain. Some bought them as an investment in light of the weak pound sterling and in anticipation of higher London property prices and rentals.

Fitzroy Place, developed in Fitzrovia, will be located on the three-acre (7.58-rai) site of the former Middlesex Hospital. The hospital moved to the same area as other hospitals nearby because they could not expand from the site.

The mixed-use project will comprise 220,000 square feet (20,438 square metres) for offices, retail, restaurants and galleries and 235 apartment units, sold in four phases.

Unit sizes will range 42-325 sq m priced starting from 725,000 pound (36.25 million baht) to 12.5 million pound (625 million baht) for a 990-year lease contract. Common area fee is around 6.5 pound per sq ft per year.

As on the site there are two listed buildings for special architectural and historic interest, the chapel and a facade of the old building, the last phase will see the facade blended in the new development.

The project is funded by Aviva Investors, the global asset manager of the world’s sixth-largest insurance group Aviva Plc. The site was acquired in 2007 by a developer who later faced financial problems during the financial crisis.

Exemplar, the project’s developer, was established in 2003. It has worked on 28 projects, totalling four million sq ft with a combined sales value of 1.6 billion pound.

Charles Leigh, senior director of CBRE’s central London residential properties, said London’s housing prices are recovering and the situation is in the middle of an upturn.

“London property outperforms in and after crisis,” he added.  “When market is good, many say ‘let’s’ buy a flat in London. When it is not, they also say so.”

For the full article, please visit http://www.bangkokpost.com/business/economics/313722/fitzroy-place-hopes-to-lure-more-thais

Source : Bangkok Post 24 September 2012

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