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East London Homes Marketed In Singapore


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Being a regular commuter to the this part of London and working in and around the area I have to question the recent publication in www.property-report.com:

Redrow Homes London has announced its sales launch in Singapore on February 18 and 19 of One Commercial Street, a mixed-use development set within a prominent 21 storey tower, incorporating over 200 residential units set above Aldgate East tube station, East London.

The development will feature spectacular views across London’s historic skyline and over 100,000 square feet of Grade A retail and office space. Sales for the property launch will take place in Singapore on the 18th and 19th of February, at the Shangri-la Hotel. Prices start from £330,000 (US$524,420) for 379 square feet, studio apartments, to £985,000 (US$1.56 million) for 1,025 sq ft two bedroom apartments. Expected rental returns for One Commercial Street are between four and six per cent.

[..]

Boasting a multitude of local amenities including a number of fashionable bars and restaurants, there are also several famous attractions in the locality including the iconic Tower Bridge, St Katharine Docks, London Bridge and Spitalfields market. Investors keen to buy to let to foreign students or their own children can also rest assured that the property is within good proximity to London’s best universities:

Surely this space would be better suited to house the local population via HA or other schemes, £330k for a studio flat in Commercial St is pretty shocking imo. I am amazed that anyone would not see this is overpriced and doomed to lose money in the future, maybe that is why its being punted overseas, because nobody with a local knowledge would touch it with a bargepole at that price, it just goes to show that the BTL disease is now being punted overseas as a sure route to riches, pricing out the locals and adding to the disfunction that is UK housing.

It's like Polaris World in reverse but without the sunshine and with the poverty and extremely high crime rate, I bet those Asian investors are going to be queuing around the block to own their own little piece of Tower Hamlets! :rolleyes:

The full article is here. If you can stomach it.

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Thats very true, would you say that £211k is now good value for a studio in that location? Frankly its been a building site for so long anything would be an improvement.

I couldn't pay £211k, it would cost me £330k so the question is irrelevant to me.

Here's another example of how trashing our currency is allowing foreigners to asset strip us:

The geography of buy to let is due change as corporate investors move into the private letting market.

The warning comes as Sweden’s largest private housing investor has instructed a leading property consultant to buy up 10,000 flats around London.

The purchase would create one of the UK’s largest rental portfolios in an open market dominated by Grainger plc.

Swedish company Akelius has earmarked £2 billion for spending on flats in mid-market blocks around London over the next five years

http://www.property118.com/index.php/property-firm-lines-up-2-billion-swoop-on-buy-to-let-flats/19802/

Swedish Kroner was 13.93 in 2007 now 10.53. Hence their fund was £1.6bn in 2008 but is now £2bn

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I couldn't pay £211k, it would cost me £330k so the question is irrelevant to me.

Here's another example of how trashing our currency is allowing foreigners to asset strip us:

Swedish Kroner was 13.93 in 2007 now 10.53. Hence their fund was £1.6bn in 2008 but is now £2bn

On the other hand Merv "could be playing a blinder" with our banks flush with foreign cash rather than secured on overpriced London tat.

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On the other hand Merv "could be playing a blinder" with our banks flush with foreign cash rather than secured on overpriced London tat.

This is just ridiculous..

Is it about time that there was a high taxation to any non-residents who are buying property in the UK?

Soon this country is going to be owned to foreigners and we the residents will pay tax to live here..

Slavery..

Many thanks to the goverment and to the BOE..

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Thats very true, would you say that £211k is now good value for a studio in that location? Frankly its been a building site for so long anything would be an improvement.

Calling it a building site suggests there's some work happening there, I'm not sure that's the case. I started working not far from there mid-2009 and I haven't seen any progress at all. It's just a concrete shell as far as I can tell.

http://www.skyscrapernews.com/news.php?ref=1922

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This is just ridiculous..

Is it about time that there was a high taxation to any non-residents who are buying property in the UK?

Soon this country is going to be owned to foreigners and we the residents will pay tax to live here..

Slavery..

Many thanks to the goverment and to the BOE..

Is the best we can hope for that the housing ponzi schemes starting this year actually do push house prices up and as a result sterling appreciates, thus opening the escape tunnel up again?

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Your pound sterling bought 3.11 Singapore Dollars in 2008 it now buys 1.99

To them that property has dropped from £330k in 2008 to £211k now.

In 2007 it was still above 3, not in 2008, the slide had already begun by then. Doesn't affect the point you're making.

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It's like Polaris World in reverse but without the sunshine and with the poverty and extremely high crime rate, I bet those Asian investors are going to be queuing around the block to own their own little piece of Tower Hamlets! :rolleyes:

The full article is here. If you can stomach it.

Probably. Redrow most likely has some deal with a bailed out bank to provide 120% mortgages to folks in Singapore. They buy, Redrow sells, they bugger off with 20%, Taxpayer hold another few hundred slumboxes, vacant and off the market for decades to stop them being marked to market. Everyones a winner. Well, almost everyone.

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An entire block of overpriced "lifestyle" apartments in Cambridge have recently been sold to Singaporean/Hong Kong investors.

They buy them then rent them out for a tiny yield.

Probably why almost every 30 something post-doc scientist in Cambridge is still renting a room in a shared house. Still I'm sure it is great for our economy....

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An entire block of overpriced "lifestyle" apartments in Cambridge have recently been sold to Singaporean/Hong Kong investors.

They buy them then rent them out for a tiny yield.

I live in Singapore, I noticed this great offer being promoted on the cash machine when I went to get some money out today:

Usher in another year of growth with up to 0.628% pa on your savings

You wonder why they don't mind accepting a tiny yield?

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Another successful UK export from our innovative financial services industry.

In fact, two exports:

  1. The concept of foreign property investment (c.f. Brits buying in Spain, Bulgaria, etc)
  2. UK property itself

3. the costs of the forthcoming London/SE house price crash

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