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.

just read a previous post of yours Mitzy, your not in these.

I posted recently chart says 26p, hmmm all these rumours...decisions decisions!

exciting to see blue on a red day elsewhere

I sold out @12p tristan gl.

thanks, it's up nearly 7% on a day of red sea

long 16p

target 40p

(made an absolute kill on QED, BXTN, TW. ,BDEV)

MNR (and WKP) of the few giants to awake yet, few such excellent recovery plays left.

can some please post a chart

BXTN subject to possible offer, excellent news for MNR and the property sector

trend is your friend, someone post a chart please

creepinggggggg up nicely

but too slowly so closed out and topped up BXTN ciao

debbiestroud

The choice is yours whish one you want

Intraday Chart

3 month

5 days

3 month

saying goes 'buy on the rumour sell on the news'

well the rumour-mill is ramping high, coupled with the articles from the paper but what is the delay? Call MNR and ask, you may well be surprised, what would you do if there was no news?

ramped and still it falls, something seriously not right here!

tristan weren't u ramping this lol

Don't you just love those late friday afternoon RNS's looks like they have a major problem?

still no RNS about covenants, what cr@p is that! Guess they were tested on 30th June, down she goes..........

Toilet stock

OMG - look at this, it's not over after all


http://www.propertyweek.com/story.asp?sectioncode=36&storycode=3144462


Trying to buy some, proving difficult with these about to explode now they look they will survive after all!

b@stards can't buy a sizeable amount, now nobody wants to sell these

got myself a handful finally