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Fri 2 Nov 2012 10:03 AM

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Qatar-linked luxury home sales top $2.7bn

London's One Hyde Park - part owned by Qatar PM's firm - sees surge in Asian buyers

Qatar-linked luxury home sales top $2.7bn
One Hyde Park, London, the most expensive real estate project in the world

The world's most expensive real estate development - part owned by Qatar's Prime Minister - has completed sales worth £1.7bn ($2.7bn), it has been announced.

The prestigious residential development One Hyde Park in Knightsbridge, London, has continued its record sales run with five newly completed sales in the past three months, all originating from buyers in Asia, Knight Frank said in a statement.

One Hyde Park is owned by Project Grande (Guernsey) Limited – a joint venture consortium between CPC Group and Waterknights, owned by the Prime Minister of Qatar, Sheikh Hamad bin Jassim bin Jabr Al-Thani.

The two and three bedroom apartments were all sold to Chinese, Taiwanese, Japanese, Thai and Malaysian buyers with Asian buyers now accounting for over 30 percent of the total sales at the development to date.

A four bedroom apartment also sold to a Kazakhstan buyer this month for over £25m leaving fewer than 7 of the high profile apartments remaining for sale.

With the total sales now standing at over £1.7bn, One Hyde Park has attracted international buyers from across the globe, from China to America, to Russia, the Middle East and Europe.

There are over 25 nationalities represented at One Hyde Park proving that London really is the international city of choice.

Unit owners have access to the neighbouring Mandarin Oriental Hotel Group including 24 hour concierge and room service, housekeeping and valet services, and gourmet cuisine from Heston Blumenthal and Daniel Boulud.

According to research by Savills, Chinese and Pacific Asian buyers are now the fourth largest net purchasing group in the world with a 31 percent market share in the new build sector alone.

Rupert des Forges, partner, Knight Frank, said: “One Hyde Park’s association with the Mandarin Oriental brand amplifies its appeal to the Asian purchaser attracted to new developments with a high level of service and amenities.

"The tiger economies of the East are continuing to invest in product of this calibre – especially if located in London with its safe-haven reputation.”

Ned Baring, director at Savills added: “One Hyde Park is the ultimate address for London luxury and it is not surprising that the last five sales have been to buyers from Asia.

"The appeal of London remains exceptionally strong to buyers from China and Pacific Asia who typically look for new build properties as reflected by their strong market share in this sector.”

Amenities available exclusively to residents at One Hyde Park include a private cinema, 21m ozone swimming pool, entertainment room, private spa, state-of-the-art gym, golf simulator, underground valet parking, personal wine storage, and squash court.