Borough bucks international buyer trend
OVER the past couple of years a large majority of luxury properties in London have been snapped up by international investors.
But the Wandsworth Riverside Development is hoping to buck the trend by creating property aimed at and marketed to south west Londoners.
Dr Stanley Quek, chief executive of Frasers Property, says: “Developers in London have become over-reliant on overseas buyers looking to invest, not live in the capital’s property.”
The Singaporean company says it has limited its overseas marketing for its Wandsworth Riverside Quarter and 75 per cent of sales for have gone to UK buyers.
Figures from estate agency Knight Frank reveal that, in 2011/12, 31 per cent of new builds were bought by Chinese and Asian Pacific buyers, 18 per cent by Middle Eastern purchasers and four per cent from South Asians.
Quek says: “Despite being an international developer, we are passionate about building homes that appeal to the local market and create a thriving community.
“With such strong demand for homes in London when there is also a chronic shortage of housing, we are providing homes for those in the UK.”
The £250m scheme offers 121 apartments ranging from one to three bedrooms alongside the Thames, directly opposite the Hurlingham Club.
Quek hopes the design promotes a community feel with its landscaped piazza, heated indoor swimming pools, communal shop with top restuarants Marco Polo and Hudson’s on site.
Residents will have access to a gym, sauna, hot tub, and a two-storey underground car park.
Commuting is just a boat ride away, with the area set to benefit from Transport for London’s £10m investment to improve the river taxi service.
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