Some 18 months after launch, the Candy brothers’ One Hyde Park development in London has all but sold out.
With five completed sales in the last three months, all to Eastern buyers, there are now thought to be just six units left for sale out of 86.
The scheme was launched in April 2011, with prices ranging from a modest £6.75m to £135m.
The latest two- and three-bedroom apartments to go to completion went to Chinese, Taiwanese, Japanese, Thai and Malaysian buyers.
Asian buyers now account for over 30% of the total sales at the development to date, but over 25 nationalities are represented at One Hyde Park.
A four-bedroom apartment also sold to a Kazakhstan buyer last month for over £25m, bringing total sales to over £1.7bn.
Joint agents are Savills and Knight Frank.
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Prices were highest in Tokyo's Ginza district in 1989, with choice properties fetching over 30 million yen[7] (approximately $215,000 US dollars) per square meter ($20,000 per square foot). Prices were only marginally less in other large business districts of Tokyo. By 2004, prime "A" property in Tokyo's financial districts had slumped to less than 1 percent of its peak, and Tokyo's residential homes were less than a tenth of their peak, but still managed to be listed as the most expensive in the world until being surpassed in the late 2000s by Moscow and other cities. However, since 2012, Tokyo is once again, the world's most expensive city, followed by Osaka in number and Moscow as number 4. Tens of trillions of dollars worth were wiped out with the combined collapse of the Tokyo stock and real estate markets. Only in 2007 had property prices begun to rise; however, they began to fall in late 2008 due to the financial crisis.
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A guess at the total of Savill & Knight Frank's commission income on this development alone.....
1.7 billion in sales - assuming the billion to be a thousand million, and assuming 2% commission....
1,700,000,000 * 0.02 = 34 million ....?
By all means correct my rust arithmetic.
If that's correct, then the VAT man will be taking £6.8 million....
The bubble of ALL housing bubbles.
A modest £6.7milion...YER RIGHT..
These are the type or "investments" that skew the National Average house price. Maybe any property not owned by UK citizen should be subject to an additional Annual Property Tax = 2% of value (use zoopla if we must). This could be used to invest in affordable housing for UK working residents only, who may now be priced out due to the inflationary pressure of foreign money.
And none of those buyers will be paying taxs as well, they will probably never even visit.
Is it a conspiracy or is England the Uk a seperate country from London. We get no investment and what money we do make goes straight to london in taxes.
Did they have to give a certain percentage to lazy druggies on benefits with 18 kids?