Before I started to write this article, I searched for properties in London at the property site called rightmove.co.uk Curious to at least understand if its true the allegations that Londoners are made homeless due to just 10 investors from Hong Kong, Malaysia, Australia, China, Sweden and Singapore. Please take a look at what I found for less than £500,000. Actually, the number of properties available for below this half a million mark is still aplenty in London. Perhaps it’s just a matter of choice then that some Londoners are not able to find a home they want and they are all waiting to buy the properties being built by these 10 foreign investors in London. Something like Malaysians in Malaysia refusing to buy secondary properties slightly further away and wants the developers to build affordable homes nearby KLCC or inside Desa Parkcity. How should I react? Well, I have no idea. Take a look at the available homes.
In a report by Guardian, it said that Tan Sri Ananda Khrisnan is one out of 10 foreign developers who will be developing properties which are not affordable to Britons. His company will be turning a former barrack into 104 luxury homes expected to be priced from £5m (RM37 million) each. there would also be detached mansions which will be even higher priced. This development is part of the over 30,000 homes in London to be developed by this small group of 10. The famous mayor of London Boris Johnson meanwhile ‘challenged’ these foreign developers to sell the proposed developments to locals first or at least, at the same time as foreign buyers. Do note that he did not say to price it lower. He said try to sell to locals first. If it is true that Londoners could not afford the £5m price tag, offering first, alongside or not offering is actually no different. As an international property market, the mayor is unlikely to ‘force’ the developers to build affordable homes instead. Haha. No one would buy an expensive piece of land to develop low-end properties, objectively.
Perhaps a better way would be to stop these foreigners from buying lands and limit them to just buying built properties? Well, if this happens, then the development of properties which appeal to the international buyers would be reduced and very soon, London as an international property destination is just a myth. Personally, majority would say that KL would not reach London’s level within the next 20 years. Well, truth is I like that. Haha. I am not sure how many Malaysians would feel if majority of whatever land left are all bought by foreign developers and they build ONLY for foreigners because Malaysians could not afford it anyway. Don’t worry, impossible to happen within the near future. As for London, great to know that it continues to be a magnet to the world. Happy buying London, one day.
written on 6 Jan 2015
Next suggested article: Singapore beats both China and Hong Kong in buying overseas real estate
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