International Property

Far East Consortium’s UK project offers Hong Kong investors a chance to buy flats for about HK$2m

PUBLISHED : Wednesday, 20 September, 2017, 9:01am
UPDATED : Wednesday, 20 September, 2017, 9:00am

With a budget of slightly over HK$2 million (US$255,801), Hong Kong residents could not even buy a decent sized new home in the New Territories, but they have more investment choices when it comes to overseas properties.

Hong Kong-based Far East Consortium International will next month launch sales for a residential project in Manchester, UK, with prices starting from £200,000 (US$271,548).

The as-yet-unnamed project in Angel Meadow, in the central business district of Manchester, will feature unit sizes starting from 500 sq ft.

Chris Hoong Cheong Thard, managing director of Far East Consortium, said one-bedroom flats will start from £200,000 while two-bedrooms with a liveable area of at least 700 sq ft will be offered for about £300,000.

“Units will command an overall view of the garden and are within walking distance of the CBD and major transport hub,” he said.

The 754 unit project is expected to be completed by 2020.

The company won the tender at Angel Meadow in August 2016, and Far East has established a strong presence in UK since that time.

In November 2016, the firm won the tender for the historic Hornsey Town Hall regeneration project in London, to develop the site for hotel, residential and retail use as well as a new community arts centre.

A month later, Far East bought a car park in the vicinity of the Manchester Airport for £13.4 million, providing the firm with an entry into the UK car parking business and the opportunity to grow this segment of its business.

In April 2017, it continued its UK expansion by securing another bigger redevelopment project dubbed the Northern Gateway, in the north eastern part of Greater Manchester.

Northern Gateway, Manchester’s largest redevelopment project, will comprise about 10,000 units on 120 hectares of land. The project will be jointly developed with Manchester City Council.