Thai property buyers and investors contributed to a £140 million virtual sell-out of a 41-storey skyscraper residential development in London’s Canary Wharf last weekend.
The off-plan sell-out of 208 apartments at Maine Tower in London’s Canary Wharf, a 41-storey joint venture between Galliard Homes, Cain Hoy and Frogmore is set for completion in early 2019. Galliard Homes said it had not witnessed such fast sales rates since the buoyant property market era before the global recession.
For the launch the developer held back the premier and penthouse residences, and released 230 studio, one-, two- and three-bedroom apartments for sale off-plan at prices ranging from £350,000 for a 370 sq ft studio apartment.
One eager person started queueing 36-hours before the launch, and by the opening of the event more than 150 people were lined up. During the launch event some 350 people surged through the doors and within hours 208 of the 230 released apartments (90 percent) had sold.
Galliard Homes revealed that 50 percent of buyers were domestic U.K. purchasers with the remaining 50 percent coming from Europe (Greeks, French and Italian), India, the Middle East and Far East, including Thailand, Malaysia and Singapore. Some of these overseas purchasers were parents buying for their children due to be studying in London while some acquired flats for investment purposes.
David Galman, Sales Director at Galliard Homes, said: “It’s not every day in London that a residential skyscraper virtually sells out during a launch. The volume and speed of sales at the Maine Tower launch was incredible and shows the confidence that buyers from both the U.K. and overseas currently have in the London property market.”
This story was written by Andrew Batt, Group Editor of Dot Property Group. Send your news, views, press releases and comments to him at [email protected].
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