EXCLUSVE: Singapore sales at Glasshouse Gardens, a Lend Lease joint development project in East London, bucked the trend of an otherwise quiet weekend for purchases of London property investments in the city-state last weekend
In what Richard Levine, Director of International Property Southeast Asia for real estate agency Colliers described as: “… a very good start to the year,” the overseas property exhibition appeared to be by far the busiest and most successful that was visited by PropertyGuru.
Built on the site of the London Olympic Park, Levine, speaking exclusively to PropertyGuru, said that many buyers and investors had been waiting for Glasshouse Gardens (pictured) to launch.
Sales were happening simultaneously in Singapore, Hong Kong and London, with most of the 330 units expected to be sold within weeks
Levine, who contrary to others who feel the impact of the introduction of the Total Debt Service Ratio (TDSR) combined with uncertainty surrounding the new foreign capital gains tax which is set to be introduced in the U.K. in April 2015 if forcing buying into a wait-and-see mode, said interest in London property was stronger than ever.
“TDSR is certainly acting as a sligh a damper for those who are over-leveraging themselves,” he said.
“London property developments will be just as successful as they were last year, and for us it was phenomenal,” he concluded.
This article was written by Andrew Batt, International Group
Editor of PropertyGuru Group. To contact him about this or other stories
email andrew@propertyguru.com.sg
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