THE Sincere Group has begun marketing its luxury London apartment block in Hong Kong. The Hong Kong retailer has developed Peninsula Heights on the banks of the Thames at Albert Embankment in a joint venture with Regalian Properties of the UK. The British economy is still on the mend, but there is still healthy demand for luxury flats in central London, David Goldstone, Regalian's chief executive, said when in Hong Kong to promote the sale. 'In 1988, when the recession hit, we had no idea how long and how severe it was going to be,' he said. 'In 1993, we felt we were coming out, but we are just now bumping along the bottom,' Mr Goldstone said. The man in the street still did not have the confidence to buy property. It was only the international investor who could afford to buy in London, he said. The 1960s-style office block was stripped right back to the frame, then converted into 36 top-quality apartments, at a cost of $120 million. 'It is a bit special, even considering what we normally do,' Mr Goldstone said. The building overlooks the Thames as well as the Houses of Parliament and Big Ben. 'Most flats are usually about 850 square feet,' said Mr Gladstone. 'But we wanted ours to be spacious. So they are well over 1,000 square feet, with some more than 2,000 square feet.' The apartments range in size from one to five bedrooms, and the average price is $8.4 million. 'It is the best location in town, and it is for the most discerning of buyers,' Mr Goldstone said. There had been a 'good response' from corporate buyers, amd five of the apartments had been reserved.