At least one Singapore developer, along with others from Malaysia, China and Qatar, hold twice the number of housing development sites in London versus local housing associations and affordable house builders.
Media reports citing data from CBRE pinpointed the fact that, although some have been critical of the levels of overseas foreign investment in London, that investment is essential to meet house building targets in the U.K. capital.
Property developers, including SP Setia from Malaysia and Oxley Holdings from Singapore, have already been granted planning permission to build more than 33,000 homes in London.
Head of Residential Research at CBRE Jennet Siebrits said that foreign investors were taking on sites that domestic house builders could not handle.
“The traditional house builder doesn’t have the clout or the capacity to take on these major sites – if foreign investors weren’t taking them up, nobody else would," she told the Financial Times website.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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