Waterbank snaps up landmark

PUBLISHED : Wednesday, 27 August, 1997, 12:00am
UPDATED : Wednesday, 27 August, 1997, 12:00am

A consortium of companies led by Singapore Bus Service (SBS) has teamed with Britain's Regalian Properties to buy a landmark property in central London for GBP60 million (about HK$747 million).

SBS' real estate arm, Waterbank Properties, has joined NatSteel Properties and Ossia Land to form a joint venture with Regalian to acquire Point West, a 500,000 square foot mixed residential and office development in South Kensington, which is scheduled for completion in 1999.

This is the latest in a string of forays into the recovering British property market by Waterbank, which owns Waterdale Manor House, Waterspring Court and has equity interests in the Holiday Inn Kensington, Greenpark Hotel and Huntingdon House.

Waterbank and Regalian will each own a third of Point West, with NatSteel and Ossia sharing the remaining holding.

The project includes 398 apartments, a leisure centre, offices, shops and restaurants.

Prices for individual units are expected to range between GBP80,000 for a studio flat and GBP2 million for a penthouse.