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.

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.

"

still life in this one...

rumours on an alternative site of a bid, I do stress that it's just a rumour at this moment...certainly the price is reacting...an RNS would need to be released if this is true

Rumour is of 20p per share

Stress on the fact that this is still a rumour!

I heard that this was for the whole company.

lol blackdown

anyways, MNR doing well this morning

8p looks like support

also interesting article, well worth a read

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/4986406/London-property-attracts-foreign-investors.html

still hanging in there, anyone else?

Could well be the bottom imo.

property shares expected to sink further beware.

Maybe halifax I'm not much good with property shares but @6p they are a gamble that they may manage to sell one of their sites.

Too many half built offices, too much debt, too few potential occupants.

doomsday already priced in

At 6p this must be n ear the bottom.

certainly looks like near the bottom, price now moved up to 7p