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.

Something not right here 2 days big rise on SP on a maybe an investor will put a few quid into one project. If the Company was being bought I would accept these rises.

Get ready for a sell of and SP to go back down. I would cash in now if I still had stock.

I disagree, if the company was being bought we would be looking at least 200%+ rises, the recent rise was because the IMS was comforting in contrast to the doom & gloom that was pounding the Minerva SP, so therefore providing a great buying opportunity from this low SP

keep this on your stockwatch list

watch this rocket when it breaksthrough 15p

way undervalued, only a matter of time before they get bought out on the cheap IMHO

11p now. Why will it rocket if it gets to 15p

RNS Number : 5854I
Minerva PLC
20 November 2008



Odeon Kensington




Minerva plc announces that it has concluded the Section 106 agreement with The Royal Borough of Kensington and Chelsea and, as a result, planning consent has now been granted to the Odeon Kensington development.




This consent provides for an exclusive development of around 100,000 sq.ft. of apartments and town houses, with car parking, and an underground multi-screen public cinema. As part of the Section 106 agreement, 30 affordable housing units will be provided off-site.




The Odeon Kensington, situated on Kensington High Street just south of Holland Park, was acquired in joint venture with Northacre plc in 2005.




Salmaan Hasan, Chief Executive of Minerva plc, said




'Minerva is very pleased to have realised planning permission for this landmark development, located in London's premier residential district.'

double bottom at 10p, resistance at 15p, a breakthrough 15p and some more positive news and this could easily rocket.

Legal & General Group Plc (L&G)

Reduced their holding from 4% to 3%

L&G'S timing is immaculate, a fine example of buy at the top sell at the bottom, glad I'm not a policy holder.

wot happened here then just before the end of day???

keep this on your watchlist

Worth a read

http://www.ft.com/cms/s/0/2a428ce8-bb5b-11dd-bc6c-0000779fd18c.html

is this the beginning of stake building in the hope to buy the company on the cheap

Anyone know Kifin ltd is ? took 20% stake yesterday, Kuwait investment vehicle?

kifin picked up some shares last month too...getting exciting

believe these will get bought out finally, just a matter of time and price...40, 60 or 80p?

jodiestar, but they did not seem that interested in limitless 160p offer,phoned advisor seems KIFIN ltd is a Kuwait investment , buyer of the 15.5% from Aberdeen Asset stake, they now have 20% holding
Am holding 200k @ 18p

agreed they were not that interested in the offer at 160p, all i know is at the current SP they are seriously undervalued...another strong finish close of day :-)

hoping for another exciting day today