By Sharen Kaur
KUALA LUMPUR: THE EcoWorld-Ballymore Group has launched three innovative projects in London that have recorded a good take-up rate, thanks to the United Kingdom's vibrant real-estate market.
The three projects are Embassy Gardens in Nine Elms, London City Island (LCI) on the Leamouth Peninsula, East London, and Land Wardian London in Canary Wharf.
Eco World International Bhd president and chief executive officer Datuk Teow Leong Seng said London's residential market has outperformed most other global investment asset classes.
He attributed this to the chronic housing shortage with an average of between 20,000 and 25,000 homes per year delivered over the past 10 years versus Mayor of London's estimated requirement of 42,000 new homes a year, with plans requiring boroughs to identify additional capacity to hit 49,000 homes yearly.
Teow said London's growing population from 7.3 million to 8.6 million over the last decade with latest projection estimating it to reach 10 million people by 2035 was also a contributing factor.
"London's residential prices have enjoyed an increase of more than nine per cent per annum in the last five years and outer fringes of London have seen positive price ripple effects.
"Expectations are the London housing market will continue to be supported by growing local demand due to increased household equity, employment growth, low interest rates, a growing regional economy and the international market.
"London is viewed as a safe haven destination for the global wealthy class to invest in, given its high level of regulatory transparency, conducive for foreign property ownership, first-class education attracting students and families from around the globe and a sought-after address for the wealthy," Teow told Property Times.
On the three projects, Teow said its work in progress.
The joint-venture is out to tender the basement contract for Wardian London. The project has been 72 per cent sold and work is targeted to start in the first quarter of next year.
Embassy Gardens is 39 per cent sold and the units are estimated to be completed in 2017/2018.
For LCI, three blocks have so far been launched.
KUALA LUMPUR: THE EcoWorld-Ballymore Group has launched three innovative projects in London that have recorded a good take-up rate, thanks to the United Kingdom's vibrant real-estate market.
The three projects are Embassy Gardens in Nine Elms, London City Island (LCI) on the Leamouth Peninsula, East London, and Land Wardian London in Canary Wharf.
Eco World International Bhd president and chief executive officer Datuk Teow Leong Seng said London's residential market has outperformed most other global investment asset classes.
He attributed this to the chronic housing shortage with an average of between 20,000 and 25,000 homes per year delivered over the past 10 years versus Mayor of London's estimated requirement of 42,000 new homes a year, with plans requiring boroughs to identify additional capacity to hit 49,000 homes yearly.
Teow said London's growing population from 7.3 million to 8.6 million over the last decade with latest projection estimating it to reach 10 million people by 2035 was also a contributing factor.
"London's residential prices have enjoyed an increase of more than nine per cent per annum in the last five years and outer fringes of London have seen positive price ripple effects.
"Expectations are the London housing market will continue to be supported by growing local demand due to increased household equity, employment growth, low interest rates, a growing regional economy and the international market.
"London is viewed as a safe haven destination for the global wealthy class to invest in, given its high level of regulatory transparency, conducive for foreign property ownership, first-class education attracting students and families from around the globe and a sought-after address for the wealthy," Teow told Property Times.
On the three projects, Teow said its work in progress.
The joint-venture is out to tender the basement contract for Wardian London. The project has been 72 per cent sold and work is targeted to start in the first quarter of next year.
Embassy Gardens is 39 per cent sold and the units are estimated to be completed in 2017/2018.
For LCI, three blocks have so far been launched.
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