Foreign Property News | Posted by Si Thu Aung
Singaporean firm City Developments Ltd (CDL) launched 100 Sydney Street in the south after Chelsea location in the UK and two-thirds of buyers are Malaysians.
The modern and stylish development is 40 per cent sold and prices for the two to three bedroom apartments begin at £5.75 million, this was revealed by Dartmouth Capital Advisors (DCA) who work on behalf of CDL.
The boutique development comprises seven apartments and one penthouse.
DCA chief executive David Ashcroft said this illustrates the recent trend of strong interest in London residential property from Malaysia and renewed market confidence in the face of Brexit negotiations.
He said this comes a week after Foreign Secretary Dominic Raab visited Kuala Lumpur meeting Malaysian Prime Minister Tun Dr Mahathir to discuss investment and business links between the UK and Malaysia, which are already worth over £5 billion a year.
Iconic projects include the redevelopment of Battersea Power Station which showcases Malaysian investment in the UK and now the second-largest market in ASEAN.
Later this month, British company Smith+Nephew – one of the world’s leading manufacturers of medical devices – will be breaking ground on its first manufacturing plant in South East Asia in Penang, creating up to 800 new jobs over the next five years and giving a big boost to UK-Malaysia trade.
“We are excited by the prospect of significant international interest in our 100 Sydney Street development. Its prime location is ideal for those interested in taking advantage of London’s culinary and retail opportunities and its appeal to the Malaysian market so far is very promising. We expect this trend to be indicative of the global appeal we anticipate our apartments having," said Ashcroft.
Ref: Property Report
