Barratt Homes sets its sight on buyers in Asia to move new product launches
The London residential market has recently seen a resurgence in stability, prompting property developers such as Barratt Homes to reach out to Asian buyers to promote their pipeline of projects. For the past five years, Barratt Homes has delivered approximately 200 new apartment homes annually and, due to international demand, they are eager to launch new projects overseas in Asia.
Steve Thompson, managing director of Barratt East London, states that since the start of the year, inflation in the UK has been moderating to an “acceptable” level of about 6.4%, with most indicators pointing downward. Unfortunately, this trend has not applied to residential property prices, and they have seen a decline over the past year. Craig Carson, managing director of Barratt West London, acknowledges this and notes that prices are starting to level out.
Furthermore, the Singaporean government’s amendment to the additional buyers stamp duty this year has caused some Singapore-based investors to look overseas at investment opportunities in the UK. Barratt Homes is taking advantage of this resurgence and, on October 14th, will launch Sterling Place in the Asian market exclusively through One Global in Singapore.
Sterling Place is a 456-unit new project located in New Malden, an area southwest of central London. In addition, Barratt Homes is offering 42 new units at their Bermondsey Heights project in Zone 2, with an average selling price of GBP800 psf ($1,327 psf). Thompson notes that this price is competitively priced for a new Central London development in Zone 2.
The 42 units offered for sale will be a mix of one- to three-bedroom apartments located on the top six floors of the 26-storey tower. Bermondsey is an area that Barratt Homes had identified as primed for rejuvenation. Despite some house prices trading at a 23% discount to the Greater London housing market, rental demand in the area is strong and capital values look likely to increase due to government-backed regeneration schemes.
Tampines Ave 11 Condo UOL Group is a perfect example of just such a development – a modern complex designed to meet the needs of a modern way of life. With its close proximity to amenities and its modern, well-designed facilities, it has truly become a hub of activity in the Tampines neighbourhood.
Barratt Homes is expecting a strong rebound in demand from Asian buyers looking to capitalise on the weaker exchange rate to pick up investment properties in London. All in all, the developer expects its Sterling Place and Bermondsey Heights projects to be well received in Asia.