Property market out of flavour...but 4.25 to 1.25 that is an over reaction surely!

Lancaster Gate - dubbed the Lancasters is one of their projects in London. Are property prices falling in London...

From The Sunday Times
February 17, 2008
Super-rich snap up apartments in world's most expensive residential scheme

RECESSION, what recession? The super-rich are snapping up apartments at the world's most expensive residential scheme at Londons One Hyde Park as if they were going out of fashion.

According to data released exclusively to The Sunday Times, half of the 80 apartments at the luxury scheme designed by Richard Rogers have already been contracted to be sold even though the project will not be completed until 2010. Knight Frank, one of the estate agents handling the Knightsbridge development, said sales already totalled more than 500m and the average apartment price had reached 20m.

Wealthy oil barons, Russian oligarchs and hedge-fund managers are shelling out at prices that break down to almost 6,000 per square foot for the chance to own one of the apartments. That figure is up from 4,000 per square foot in late 2006.

The sales reflect Londons status as a global city, with 39% of the buyers hailing from Russia, 25% from the Middle East, 14% from Britain and 11% from continental Europe. The highest price paid for an apartment at the scheme is rumoured to be more than 100m. The interiors are the work of Candy & Candy, the interior design company run by Nick and Christian Candy, two brothers in their early thirties who have become multi-millionaires by creating fantasy homes for people with limitless budgets.

The site will have an underground passage to the nearby Mandarin Oriental hotel, where staff will be on hand to cater to residents needs.

CPC, the Guernsey-based investment company owned by Christian Candy, has an equity stake of more than a third in One Hyde Park. The scheme is also backed by Sheikh Hamad bin Jasim Jaber al-Thani, foreign minister of the Gulf state of Qatar.

Liam Bailey, head of residential research at Knight Frank, said sales of so-called super-prime homes in London worth 10m or above had more than doubled in the three months to the end of January compared with the same period last year.

He said: It is quite extraordinary the way the super-prime market has continued to surge ahead. Sales of homes worth 1m-5m have slowed, but once you get above 5m, and certainly above 10m, they are still powering ahead.

lets not forget kirsh from sth africa recently bought up 29% of co, could be a good springboard for anyone looking to takeout MNR

MNR is one for the graveyard shares. At 12p now, things are getting worse. Debts are rising.

Loss doubles at Minerva

MoneyAM

Real estate group Minerva showed a loss after investment property revaluation movements and taxation of 186.7m for the first six months, more than double the previous figure of 90.7m.

Chairman Oliver Whitehead said, 'The real estate and financial markets have deteriorated significantly over the last six months. This has had a consequential effect on the value of our property portfolio and our results have also been impacted by the revaluation of our interest rate hedges in what is now a very low interest rate environment.'

Property revaluation produced a deficit of 20.8 per cent. The loss before tax and investment property revaluation movements was 1.6m versus 6.4m in 2007.

No dividend was declared.

Unprecedented times indeed

Mkt Cap less than 20M but have over 100M CASH

SP currently 11p but NAV of over 100p

Kirsh - swoop in and take these over.

MKT Cap of less than 12M, surely this is an over reaction. Some cash rich investor will takeover MNR and sell off the assets for a big profit, surely investors must be applying some risk/reward to a takeover approach of MNR now, what with their cash and assets IMHO.

Once everyone has bailed out and then there is interest in MNR again, should see this on the leaderboard of percentage risers, with a large mark-up.

Dream on.

Last week was 12p, now crashed another 50% to 8p.

Looks like it will crashed to 4p soon.

I wish, i read a report that highlighted bank covenent concerns due this June. I think that is leading the sp down. However im sticking with this and keeping till THE TAKEOVER!

depressing (and that's putting it mildly), can't remember the last blue day, has been just red day after red day, looking forward to a big blue day and yes talk of a takeover. 'Dreams can come true - you know you got to have them' lol

will 8p be the new support level...

5P maybe, sinking under the huge debt burden.

ok Limitless, go on then, we'll accept your 160p final offer!

Chairman sells 220k shares at 10p must be a vote of confidence!?

well so long as the sth africans are happy to hold at the prices they paid then ill stick with it. June is still a long way off, and lets face it the markets are v irrational at moment.

3 March 2009

Minerva plc
Notification of Transaction by a Director/PDMR

Pursuant to paragraph 3.1.4R(1) of the Disclosure Rules, Minerva plc (the 'Company') hereby discloses that, on 3 March 2009, the Company received written notification from Oliver Whitehead, Chairman of the Company that, on 26 February 2009, he sold 220,000 ordinary shares of 25 pence each in the capital of the Company, at a price of 10.0 pence per ordinary share.

it's not all over yet still some life left at least until 30 June

On its arse get out while you can

flat on it's arse indeed, however a little fart here and there and its up 25% like now, still some life in it, yes needs a 100% rise to gain some interest coupled with positive news

More like some mugs still buying it.

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