Battersea Power Station development in London attracts HK$8b of sales
Development at iconic London site receives HK$8b of business, with city's reputation as safe haven attracting 'phenomenal' interest
London's Battersea Power Station site has attracted buyers who have reserved about 95 per cent of apartments and townhouses worth about £681 million (HK$8 billion) since January, the developer revealed.
SP Setia and Sime Darby led a Malaysian consortium which bought the site for £400 million last July after its previous owner was put into administration.
London's reputation as a safe haven is attracting increasing investment from overseas buyers, who make up half of the city's new-home purchasers, according to figures from the Chicago-based broker Jones Lang LaSalle.
Foreigners, six out of seven of whom plan to rent out the properties they buy in London, spent more than £3 billion on new homes there last year, 25 per cent more than in 2011, the broker added.
"We've seen phenomenal interest which has continued unabated over the last few months," Rob Tincknell, the developer's chief executive officer, said. The pace of sales makes Circus West "one of the fastest selling developments in London in recent years," he added.
The iconic power station, which was featured on the cover of Pink Floyd's 1977 album , has frustrated a series of developers since it closed more than 29 years ago.
