Battersea Power Station
Half of the units
allocated to Singapore-based buyers for the third phase of the Battersea Power
Station project were sold on the first day of its global launch.
The developer of
the £8 billion ($16.4 billion) project on the south bank
of the Thames began showcasing 539 of the
1,305 new Phase 3 homes at the St Regis Hotel on Friday.
buyers here were
mainly investors and prices start from £495,000 for a studio and £3.2 million
for a four-bedder, with penthouses priced on application.
Average pricing
is about £1,600psf. In comparison, Phase 1 homes had an average
price of £1,000psf and Phase 2, £1,800psf.
Most buyers from Singapore in
earlier phases also bought for investment purposes.
The ambitious
development involves transforming the old Battersea power station site into a
complex of around 4,000 homes, 250 retail and F&B outlets and offices.
The 17ha project,
which is scheduled for completion in 2015, is owned by a consortium of Malaysian
investors - SP Setia, Sime Darby and the Employees' Provident Fund.
With over 4,000 homes in this project alone and at£1,600psf,
it is indeed ambitious... buying for investment and especially so for those
seeking short-term capital gains.
There was no lack
of interest at the sales launch of Australia
108, touted to be Melbourne 's
tallest building, yesterday.
When completed in
2019, the freehold, 1,105-unit project in Southbank, near Crown Casino, will
stand tall at 319m.
Buyers were a
mixture of Singaporeans and foreigners. Construction is expected to begin next
year.
One buyervof a
one-bedroom unit yesterday said Australia
108 was his first investment property.
"It's in the
heart of the city and will be easy to rent out", he said.
Well, let's hope he is right. The wife and I did a
back-of-the-envelope calculation and with about 1,000 units of one- and
two-bedders in this development, not to mention similar-sized units from other
projects that are slated for construction within a 1-km radius of Australia
108, we reckon the judgement on the "easy to rent out" bit is still
out.
Info source: ST
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