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News Release

Singapore

Favourable Exchange Rate Triggers Increased Interest in Overseas Properties from Singapore Investors

Jones Lang LaSalle to launch two exclusive London riverside residential developments in response to this interest


SINGAPORE, 15 April 2009 – The level of interest in overseas properties, especially London, is increasing in Singapore as foreign exchange rates continue to favour the Singapore Dollar. Since December 2007, the value of the British Pound has dropped nearly 25% against the Singapore Dollar. Properties in London and the United Kingdom are now more affordable for overseas buyers and represent a significant opportunity for Singaporean investors.

St George Plc, London’s leading mixed-use developer, has noted this increased interest from astute Asian investors and, in partnership with Jones Lang LaSalle, will be exhibiting two of its most exciting London developments – Aquarius House at St George Wharf and One The Tower at Battersea Reach – in Singapore from 18th – 20th April 2009.

Julian Sedgwick, Director of Residential Investments at Jones Lang LaSalle notes, “The current weakness of the British Pound is enhancing the attractiveness of the UK residential market to Singapore Dollar denominated overseas buyers. This currency advantage comes at a time when the UK residential market is weakened by the credit crisis and recession. However, we do anticipate a strong medium term residential price recovery, led by London from 2010 and hence, there is now a window of opportunity for aspiring investors looking to invest in this market.”

Aquarius House, St George Wharf, London SW8
Aquarius House, part of the prestigious St George Wharf development, is a 14-storey building with 85 units of one and two bedroom apartments ranging from approximately 364 sq ft to 851 sq ft with completion scheduled for the first half of 2010. Selling prices start from £399,950 (approximately SGD892,000).

Home to some of the world’s more reputable schools and universities, and host to the 2012 Olympic Games, London attracts both professionals and students from all over the world. St George Wharf, London’s most central riverside development, is one of London’s most iconic residential addresses with spectacular views of the city skyline including the London Eye and the Houses of Parliament. Investors are further encouraged by the wider regeneration of the Nine Elms district and the recent news that the American Embassy is re-locating to the area, which will create demand for quality properties.

One The Tower, Battersea Reach
The 17-storey One The Tower has 40 highly-specified two and three bedroom apartments ranging from approximately 996 sq ft and one penthouse at 1,549 sq ft, with first completions from summer 2009. Each apartment has a private balcony or terrace with stunning panoramic views of the River Thames and the London skyline. Selling prices start from £839,950 (approximately SGD1.87 mil).

The Battersea Reach development will provide 30,000 sq ft of commercial space comprising of a good mix of shops, cafes, bars and restaurants. These include The Young’s “Waterfront” restaurant and bar as well as Cake Boy, the French patisserie and coffee shop owned by celebrity chef Eric Lanlard. Residents of Battersea Reach also benefit from exclusive use of the development’s gymnasium (for residents only), an on-site private business centre, a private 24 hour concierge service, estate management, CCTV security, a video entry system and a managed underground car park. The ‘right to park’ is available for purchase by every resident at One The Tower for £15,000 for the duration of the lease.

One The Tower is in an ideal location for those looking to reside in a very exclusive enclave of South West London, within close proximity to well-known areas such as Hurlingham Park, Chelsea, Fulham, Putney and Clapham. Furthermore, this new Tower will complement another landmark in the area, Putney Wharf Tower which is also developed by St George Plc.

Both Aquarius House and One The Tower have excellent access to transportation networks. Regular rail services provide easy connections for central, regional and Intercity travel as well as to King Cross St Pancras for Eurostar services to Europe. International travel is also convenient via Heathrow and London City Airports, which are within reasonable travelling time by public transport, while Stansted, Gatwick and Luton are readily accessible by road or rail.

Jacqueline Wong, Director and Head of Residential at Jones Lang LaSalle says, “Given the fantastic location of St George Wharf and Battersea Reach and based on past experience, I am sure that these latest releases will continue to prove popular with the Asian market. As one of London’s leading developers, St George has noticed a surge in interest from Asian investors and expect this to continue while exchange rate fluctuations continue to favour the Asian currencies.”

“We are pleased to be launching two luxury residential developments with St George Plc and we expect interest levels to be strong. London has always been an attractive destination and widely viewed as the best capital city to invest in due to its favourable investment policies i.e. no capital gains tax and no restrictions on foreign purchases. Singaporean investors looking to invest in London should step forth to capitalize on the attractive deals currently being offered by developers and bank in their investment dollars now in anticipation of a strong upturn in the next few years,” Jacqueline Wong continues.

The exhibition of both Aquarius House and One The Tower will be held at Jones Lang LaSalle’s office at #39-00 Republic Plaza, 9 Raffles Place on the 18th to 20th April (Saturday – Monday) from 10am – 5pm. Interested parties can also contact Jones Lang LaSalle’s residential team at +65 6494 3696.