Looking at the price, looking at the currency, looking at my pocket and counting all my money, I concluded decisively that I am way too far from being able to afford such a property today or even tomorrow. Yet, I am ok. At least I know of one friend who has bought a unit in the Phase 1. As they say, it is important who you know and fortunately this person knows me too. I am just happy for my friend. I am happy because a Malaysian developer managed to get such a premium in a faraway land and who would have guessed that the bidder and builder is a Malaysian company at the very beginning?
Sorry, forgotten to mention.This is the Malaysian-owned Battersea Power Station redevelopment project. It is situated in the Nine Elms area of London. A few years ago, a friend asked me if she should buy into a huge new development in Jelutong; The Light by IJM. I said, if the development is a huge one and the developer is a reputable one and they are launching just the Phase 1, you should take up one unit. She said, ‘but reclaimed land, some say not stable and some say the reclamation was done too fast!’ In the end, she did not buy. two years ago, she said she regretted not buying a unit. This strategy has a flaw. if the development runs into a period of financial crisis like what happened in the US, you are not safe. However, if everything goes well, do expect a huge return by the day the last phase of the whole development is launched.
Coming back to Battersea Phase 2, it is expected to be fully sold within one day. Yes, ONE DAY. Possible? of course its possible, for any serious and wealthy property buyers, who has never heard of a city called London? For those who have heard of this, how many have heard of Battersea? Judging by how first phase went, 50% to Londoners and remaining to Malaysians, Singaporeans and Hong Kongers, I think Phase 2 may well be more Londoners. This is because the price is really high for Malaysians or Singaporeans even if property prices in Singapore is high. It is also because the Londoners would now feel more confident with this ‘unheard’ of Malaysian developer. I wrote about this before. ‘Why locals typically buy last’
Okay, enough of calculation. One day in the future, perhaps I can take a selfie in front of the Battersea development and post in my FB saying, ‘Been here’. other than that I would love to drop by the largest fresh produce market in the country which is nearby. New Covent Garden Market.
written on 24 April 2014
Next suggested article: Relevance of top 5 future home trends in UK vs Malaysia.