British developers are stepping up efforts to release prime London residential projects for sale in Hong Kong in view of the positive market outlook. According to property consultancy, FPDSavills, Central London residential prices are expected to achieve an annual growth of 13.5 per cent, while rentals could rise 11 per cent this year because of strong demand. Through FPDSavills, two prime residential developments - Perspective and Artilleries - will be on sale soon. Perspective, developed by Nicholson Estates, is located at the former M16 building at 100 Westminster Bridge Road, London. Work has already begun on the GBP60 million project, which will involve conversion of the former offices into two towers, High Perspective and Grand Perspective, comprising 180 apartments. Apartments have one, two and three bedrooms and a penthouse, with secure car parking available. Nicholson Estates will completely remodel the building, introducing balconies, a redesigned curved roof and penthouses. The proposed redevelopment offers a rare opportunity for conversion to residential accommodation in such a central location. Perspective is close to Waterloo mainline station and Lambeth North underground, providing easy access across London, the South East, to Paris and Brussels. The project also offers views over the Houses of Parliament, the Millennium Dome, the London Eye, and St Paul's Cathedral. Another prime residential project, the 13-storey Artilleries, will provide 127 luxury apartments, with underground parking. FPDSavills said Central London residential values have gone up over the last eight years. Since the end of the recession in 1992, average central London residential values have surged by 152 per cent, an average annual growth rate of 13.1 per cent. Last year, falling interest rates and improved market sentiment led to high demand for housing, which drove prime London residential values 24 per cent higher over the year, it said. This was the highest rate of growth in any one year since 1992. FPDSavills expects home prices to sustain a 13.5 per cent rise, despite the current slowdown in rate of growth caused by a subtle shift in market conditions. While there has been a slight change in overall demand level, the biggest changes have occurred on the supply side. The supply of property for sale has increased over the last few months, creating a buyers' market.