Barratt Homes sets its sight on buyers in Asia to move new product launches
residential market in London has resumes its stability with real estate builders and company like Barratt Homes are diversing to Asian buyers to captivate their projects supply. overseas buyers, primarily Asian, In recent quarters, have been steering the property market in London as local demand flagged due to steep borrowing rates. Barratt Homes is a one of the leading property developers in London with one of the most diverse and successful track records of property development. approximately 200 new apartment homes has been delivered by the developers annually for the past five years. the developer is keen to reach out to Asia Pacific-based investors this year who are eager to ride on the wave of a relatively competitive exchange rate to do property investment in London adding on to their existing portfolios.
UK Overall inflation has diminished to an “bearable” quantity of about 6.4 percent with promising gauge pointing to a continuing south trend, says Steve Thompson, managing director of Barratt East London, a regional office of Barratt Homes. the UK property price however began to drop last year. “Many market lookers, domestic buyers and international investors were taken aback last year at the pace in which residential property prices across the UK started to decline. But we are at a point where prices are starting to level out,” says Craig Carson, managing director of Barratt West London. foreign buyers have to pay a 60% additional buyer’s stamp duty (ABSD) since April 27 in Singapore. Singaporeans acquiring their second residential property will have to pay 20% ABSD, and 30% on their third and additional purchase. Some investors have henceforth switched their focus point to the UK.
The UK developer will initiate its Sterling Place project in Asia on October 14. One Global is appointed as its exclusive sales agent for Singapore. Sterling Place is a 456-unit new project located in New Malden, an area southwest of central London. This will be the UK developer maiden launch in overseas. On top of that, Barratt Homes is presenting forty-two new units at its project in Bermondsey in London’s Zone 2 district. The project, called Bermondsey Heights, is a 163-unit 26-storey development.According to Thompson, the median transacted price of GBP800 psf ($1,327 psf) for Bermondsey Heights is viewed “the most affordable price for a new residential development in Zone 2”. The median transacted price is equivalent to new projects outside Central London, he says. The forty-two units offered for sale in Singapore will be a mix of one- to three-bedroom apartments on the top six floors of the 26-storey tower. Barratt Homes has made a name for itself by recognizing areas throughout London that are potentially for transformation and this was exactly what the real estate company had identified at Bermondsey, says Thompson.