Rich buyers snap up Hackney

Olympics lures more overseas property investors to Shoreditch and Dalston

MARKETING HACKNEY properties to rich investors in the Far East is paying off for Telford Homes.

The residential builder told Loving Dalston that agents had sold more than 200 East London homes at property fairs in Singapore and Kuala Lumpur.

Asian investors had the financial power to make 20 per cent cash deposits for homes in the 14-storey Kinetica in Tyssen Street, Dalston E8 2FE, the Avant-garde Tower in Bethnal Green Road, 75m east of Shoreditch station at London E1 6AE and other of Telford’s high-rises. Prices are around the quarter-million-pound mark.

Andrew Wiseman, chief executive of the Waltham Cross-based company, described the market in East London as robust. It continued to benefit from 2012 Olympics development and proximity to the West End City and Docklands financial districts.

Off-plan sales had gone particularly well in the Far East. Chairman (non-executive) David Holland, said: “Our success in marketing developments in the Far East has continued with the launch of Avant-garde [this spring]… we have achieved over 170 sales out of the 257 open-market homes on the development.”

A Telford spokesman said that Chinese buyers are using a buy-to-let strategy; others are buying properties for their children to use when they are old enough to study at colleges in London.

Fat Far Eastern wallets are unlikely to make such flats ever less affordable for young people and essential workers who live in NE London but lack affluent parents.

David Altheer 040611

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