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.

Massive 22k investment - wow!

Maybe he is trying to push up the SP with his pocket money investment before bailing out again.

Anyhow it seems to have done the trick.

Yes, maybe I should have put my pocket money in yesterday

steady as she goes...(up for a change!)

I put my babysitting money in.

Watch him cash in if, and when the SP rises a few pence.

Sold all my ex wifes stuff on ebay, maybe I will invest this money.

A 10 bagger if they manage to survive the recession.

Not looking good too much selling.

Plenty of action today.

looking better

bottomed finally?

Looks that way 8p today.

In my view proprty is now at the bottom its just a question of picking the right plays.

IMHO once they announce positive news about their covenants this will more than double, then these will be even more of a bid prospect

Did anyone follow Quintain (top risers list most of this week) they have the same main bankers (unconfirmed) as MNR and have just had their covenants relaxed, so would be no surprise to see MNR more than double if their covenants are renegotiated too. Please DYOR

I'm holding for 100p yasmine once people realise property is on the turn.

70p is my target, along way to go yet

volume increasing as this is rising from out of the downtrend

up over 20% but want more...

yeah nice play with mnr, anyone have ideas on any other real estate plays?