Property values in London will likely surge due to an expected undersupply of new homes in the capital. In fact, Savills Research predicts an overall shortfall of 50,000 new units by 2016. In the city’s central district of Victoria, prime property prices will likely rise by around 48 percent, said Knight Frank.
With that in mind, overseas property investors seeking good capital appreciation may consider the upcoming Kings Gate development in Victoria (pictured), which is being developed by UK firm Land Securities.
According to the developer, 100 premier residences will be built within a 14-storey block in the East Building of the project, comprising studio units priced from £650,000 (S$1.27 million) and penthouses costing up to £10 million (S$19.55 million). Built-up areas range from 471 sq ft for studios and 3,460 sq ft for penthouses.
“Kings Gate is an iconic development that represents one of the most ambitious projects undertaken by us yet,” said Tom Eshelby, Residential Director (London Portfolio) at Land Securities.
Millier London designed the interiors of the residences and the project is expected to be completed in January 2015.
The site is within close proximity to iconic landmarks such as Buckingham Palace, St James’ Park and Westminster Abbey as well as a 30-minute drive from Heathrow Airport.
Kings Gate is expected to play an important role in transforming Victoria’s architectural landscape. The development has also been designated an ‘Opportunity Area’ under the mayor’s plan with the potential of good transport links for commercial and residential growth.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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