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.

covenant news with a bid is the rumour

Went long on these this afternoon, anyone else a shareholder? Excited by the fact lots of positive news is pending and is rumoured (press articles of late about banking covenants and bids), good luck to all

surprise no posts on this thread, just sold and banked fastest profits ever!

you sold out too quickly matey should have held on this is going to double by Monday as 2 seperate contacts have confirmed that there will be no rights issue and covenants have been relaxed with the additional bonus that a big letting has also been signed. RNS should be out tomorrow and then the weekend media will love this recovery up and Monday will see an even bigger rise.

They have not entertained any bids because interested parties wanted covenants sorted first so expect bid activity next month.

DYOR

on the trading floor there is alot of chatter about MNR you will be thanking me very soon I assure you

will not be surprised if you don't get a chance to buy sub 30p again

Chatter continues into the evening bars lots of positives to be released to the market tomorrow and next week

,

Thanks gmans - it'll be interesting to see what happens with this. I'd had it on my watchlist and seen the rise in sp and general activity

what is coming from the very strong rumours once confirmed will wake the market up to this share and then you will see what a rise in sp really is

added to my list now thx

i did say last orders for sub 30p

enjoy...

MMs want your stock they are holding the price at the moment in the hope to get sellers if they move it up this will increase the buyers but they can't suppress the price which is beginning to move as I type

long 31p before everyone else realises

once through 31p it will move very quickly as nearly all the MMs are blue

this is yet to even get noticed although it is creeping up the leaderboard

not much interest from anyone so i'll stop posting and talking to myself

First sign of madness

Gmans thx 4 highlighting this, you madman (just joking) LOL