Don't overpay for pricey new London properties, warns adviser
Offer prices of new developments are generally at premiums of around 40% over quotes of other prime properties
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SINGAPOREAN and other Asian investors should be careful not to overpay for pricey new London property developments, which are coming onstream.
Offer prices of new development residential apartments are generally at premiums of around 40 per cent over quotes of other prime London properties, estimated Ollie Hooper, director of Huntley Hooper, a firm that advises local and foreign property investors. He calculated that offer prices of apartments in the new high-rise developments are around £2,000 (S$4,275) per square metre compared with £1,425 per sq m for traditional prime central London properties. He thus advised potential purchasers who attend agents' road shows to be exceedingly cautious.
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