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News Release

Singapore

Asian Buying Interest In London Properties Continues To Grow

Napier at West 3 Achieves Promising Presales Results


SINGAPORE, 15 May 2009 – 14 out of 86 units at Napier at West 3, developed by Berkeley Homes (Urban Renaissance) Ltd, were already pre-sold ahead of its official Singapore launch this weekend, 16th and 17th May at the Grand Hyatt Singapore. Buyers who are primarily Asians residing in Singapore are confident that their investments in London properties will grow when the London property market picks up.

There are a few key factors that propel keen buyers to look at London as their investment destination. First is the favorable exchange rate of the Singapore dollar. Since December 2007, the value of the British pound has dropped about 30% against the Singapore dollar. With London property prices down by approximately 15% from their peak level, buyers are currently enjoying about 45% savings off prices. This is a great opportunity for Asians to acquire affordable London properties. Second, London has always been an attractive destination and capital city to invest in due to its favorable investment policies, e.g., no capital gains tax and no restrictions on foreign purchases. Based on previous London property cycles, buyers are confident that their investment dollars will grow. Last, buyers are investing for their children who will be pursuing quality education in London.

Jacqueline Wong, Head of Residential at Jones Lang LaSalle adds, “Napier at West 3’s right pricing and attractive package of guarantees  offered by the developer definitely appeal to investors, especially to first-time buyers who may not be well-versed with the London property market, and this project offers a hassle-free investment option.”

West London is fast emerging as a favored location for the shrewd property investor because of its limited supply of new developments, making it a smarter choice than some of the over-supplied areas of East London. In fact, an imbalance has arisen between West London and East London in the number of new homes under construction. While East London boroughs such as Tower Hamlets have a strong supply of new development stock in the pipeline, the relative under supply in West London has increased the area’s desirability and is helping assure long-term property values in the area.

Highlighting this low level of development in West London, figures from a research report by Jones Lang LaSalle show that there were fewer than 800 new private homes under construction in the borough of Ealing at the beginning of last year,  and that number has only further decreased this year because of the current economic conditions. However, demand for London property continues to grow – it is estimated that there are 33,000 extra households in London to be accommodated every year . Therefore, by the principles of supply and demand, investing in property in West London remains a sound choice.

The exhibition of Napier at West 3 will be held on the 16th and 17th of May, from 10:00 am to 5:00 pm, at the Grand Hyatt Singapore (10 Scotts Road) in the Sir Henry Keppel III room. Interested parties may contact Jones Lang LaSalle’s residential team at +65 6494 3696.