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Asian buyers snap up top end properties

18/03/2010

The appetite for prestige residential properties among Asian investors is as strong as ever according to global property advisor Savills.

A total of $421 million worth of premium residential property was snapped up by Asian buyers as result of the roadshows showcasing a number of prestige residential projects in key Asian markets including Hong Kong, Singapore, Malaysia and China in the recent months.

These projects included The Residence Hyde Park, Sydney; Neo Bankside, London; Chelsea Apartments, London; Millennium Towers, San Francisco; Casa Lakeville, Shanghai; and Printworks, London.

Savills said it sold a total of 274 units across the six projects with the strongest demand coming for apartments up to $2.5 million, with the average sale between $1-$2 million.

Peter Coulton, divisional director of project marketing with Savills NSW said there were some solid inquiries in premium Sydney residential property from all Asian countries.

"The appetite for premium Australian property was very strong among top-end Asian buyers, as we are seen as a safe, secure economy with a solid banking system, good education opportunities and good growth potential for property. While we were able to secure deposits and sign contracts on the spot, many more potential buyers from Asia are now planning to visit Sydney to inspect properties themselves," he said.

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