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.

FTSE down 60 points so far, MNR down 2p likely to accelerate down further tomorrow if the DOW does not recover from 80 points down at the moment. Could well be the start of the correction to the recent rally.

I sold this morning - not going to risk it!

Today's RNS:

MNR - Successful conclusion of debt refinancing

Hmm... held on to a small number of shares but should have been more patient with the rest. This is good news!

i reduced yesterday and bought back today on this news, I did very well on QED in a similar situation, look at their SP!

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don't miss the boat

not many stocks like this recovering one around with so much upside potential

I held QED a long time ago but never got back into it - well done for spotting it

best to be in early before the heard which will inevitably push this much higher and as the news gets out it will open up even higher tomorrow!

it is normal to think this has peaked and then when you look it has gone even higher just wait and see when you see these at double the price wondering why you were paused waiting for a 1p retrace lol

Certainly glad I held onto some of MNR - showing a great profit and will just keep them now for long-term

can't buy online and over the phone asking a premium over the ask lots more to come

Same could be said if it tanks if large shareholders decide to cash in on current rise.

Anybody else watching Bloomberg? Wonder how many will start jumping into this now it has been mentioned on there!

more press coverage

http://proactiveinvestors.co.uk/companies/news/8382/minerva-soars-on-news-of-successful-debt-refinancing-8382.html

and more

http://www.bloomberg.com/apps/news?pid=20601102&sid=aHw9wZNhEFSg

and yet more

http://www.xe.com/news/2009-09-22%2002:49:00.0/686325.htm?c=1&t=

Rampers are very active today, beware pump & dump

ok will do thanks Clubman

volume to support the rise now over 6 million