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.

From the Daily Express...'LeFrak bid hopes sustain Minerva'

Chairman of the Company purchase another +ve.

well i got stopped at 134 so no longer hold. Will look at again when mkts stabilises

stroreysj - you made a profit, can't argue with that, all the best.

yes can't ask for more. But will continue to watch closely as the SP is still half the NAV so once the light at the end of the tunnel becomes brighter im sure they will be attractive to someone so SP likely to shoot

Amazing really that it is half the NAV and still no real interest.

Any more rumours/news about bid(s)?

looks like it is in a tightish trading range at least downtrend looks to be over

C'mon over 50% discount to NAV!

A bargain IMHO.

Hi all ....

Bit of Director buying today ......Dare we dip in as well at these depressed levels?

All comments welcome.

Cheers
Amar

i am in - bid fight ahead for upper end of mnr especially

Minerva prepared for challenging times - MoneyAM

Property group Minerva said it has seen continued good progress across its development portfolio for the three months to March 31st, 2008.

The company said in spite of challenging real estate conditions, it has the resources and is confident of achieving attractive long term returns.

The group added the building at the Walbrook site in the City of London is on track for delivery at the end of 2009. Minerva also said it continues to have active and constructive discussions with interested parties for the realisation of the Park Place retail centre scheme in Croydon.

Regarding the announcement Thursday by Limitless LLC, a unit of sovereign wealth fund Dubai World, Minerva confirmed that it has received no proposal from the company.

Limitless said it is in the very preliminary stages of considering its options regarding Minerva but that no decisions have been made.

Minerva prepared for challenging times - MoneyAM

Property group Minerva said it has seen continued good progress across its development portfolio for the three months to March 31st, 2008.

The company said in spite of challenging real estate conditions, it has the resources and is confident of achieving attractive long term returns.

The group added the building at the Walbrook site in the City of London is on track for delivery at the end of 2009. Minerva also said it continues to have active and constructive discussions with interested parties for the realisation of the Park Place retail centre scheme in Croydon.

Regarding the announcement Thursday by Limitless LLC, a unit of sovereign wealth fund Dubai World, Minerva confirmed that it has received no proposal from the company.

Limitless said it is in the very preliminary stages of considering its options regarding Minerva but that no decisions have been made.

Excellent

News today of 150p bid rumour or fact ?

Spoke to MNR earlier - from the tone of voice & discussion I would say fact - waiting for a guy called Ivan to call me back if this helps you? good luck

gibby, thanx for that, will just wait holding 30k @ 98p

no probs - good you should do very well 700202 - i spoke to mnr & brunswick - do not be surprised at the little information from RNS - i have been in for a while - directors recently bought at 138 i believe, so would expect more than 150 assuming all goes well imho - good luck

what's the latest on the bid - sp is falling to new lows!

this share is tumbling on no news