By Claire Ferris-Lay
Wealthy Arabs have paid £250m to own properties in One Hyde Park, says project manager
Middle East investors have snapped up nearly a quarter of the apartments sold in the UK’s priciest real estate project, the CEO of Candy & Candy, the development manager behind the property, has told Arabian Business.
More than 60 percent of the luxury units in One Hyde Park, where the cheapest home will set buyers back £5.75m ($9.2m), have been sold, and up to 25 percent of them to Middle East investors.
“I would say of total sales to date 20-25 percent [are from the Middle East],” Nick Candy said.
Project Grande, a joint venture between CPC Group - founded by Candy's brother - and the Prime Minister of Qatar’s Waterknights, has already made more than £1bn in sales, he added.
One Hyde Park was launched to great fanfare last month, reportedly breaking world records for the most expensive price per square foot at £6,000.
Owners in the luxury development, which includes 86 apartments overlooking either Hyde Park or Harvey Nichols, can expect the very best in luxury. Perks include 24-hour room service supplied by the Mandarin Oriental hotel, a private cinema, swimming pool and a golf simulator.
Candy said nearly 60 percent of the units had already been sold. Buyers are said to include Arab royalty, technology billionaires and Russian oligarchs.
London is often seen as a safe haven for Middle Eastern investors, who flock to the capital during the hot summer months.
Sheikh Hamad Bin Jasim Jaber Al-Thani is said to have paid £135m for a penthouse in the Knightsbridge-based development while Mohammed Saud Sultan Al Qasimi, head of finance for the government of Sharjah, has reportedly reserved one of the duplex apartments.
The project was funded with a £900m loan from banks Eurohypo AG, HSH Nordbank AG and Helaba, which Candy said would be paid back in the next two months.
“By the end of February, early March, Eurohypo would have had the majority, if not all of the loan back,” he said.
Thereby investing the profits earned in selling Arabian properties to UK investors before selling out...or Pump and Dump we used to call it :)