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Rich Thais keen on London

By on Sep 18, 2012 in Property News

A stronger baht and growing demand from well-heeled Thai parents seeking a house for kids studying in Britain have led at least four brand-new London property projects to pursue wealthy Thais.

The Tower, One St. George Wharf will be the tallest residential tower in Europe. Located by the River Thames, the 50-storey building will have 215 apartment units, with 80% already sold.

Aliwassa Pathnadabutr, managing director of property consultant CBRE Thailand, said the weaker pound sterling, down 20-25% the past four years, has boosted demand for London property among the Thai rich.

This year has seen three London projects introduced to Thai buyers at exclusive exhibitions. One, in February, was for Bezier and E City in London Zone 1 with unit prices starting at GBP 750,000 (37.50 million baht).

Another held last week was for The Tower, a 50-storey residential building by the River Thames in One St George Wharf with 10 units starting at GBP 940,000 (46.98 million baht).

By late October or early November, another exhibition will showcase Fitzroy Place, a low-rise apartment complex near Oxford Street shopping with units starting at GBP 725,000 (36.23 million baht).

CBRE has introduced Fitzroy Place and another project called Fulham Reach privately to individual buyers. From the four projects, it has recorded total sales of GBP 18.62 million.

“About 90% of Thai buyers are parents who seek an apartment in London for when their kids study in the UK in future,” she said. “Some of them buy a unit even though their kid is aged only a few years or even a few months.”  The other 10% are investors, many of whom already own high-end condos in Bangkok. These deep-pocketed Thais are business owners or work in finance.

Jennet Siebrits, head of residential research for CBRE in Britain, said 2011 was a good year for London property marketed to Southeast Asia, with sales of GBP 1.1 billion handled by CBRE. The trend continues in 2012.

Southeast Asian investors are driving high-rise residential demand in London, as these buyers have long had a love affair with high-rise living.

“Developers will go where demand is,” said Ms Siebrits. Some 35% of The Tower has been acquired by Southeast Asian buyers, with 25% bought by British. Indian and Middle Eastern buyers are also an emerging market.

For the full article, please visit http://www.bangkokpost.com/business

Source : Bangkok Post 18 September 2012

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