The developer and their agents, CBRE Thailand and Savills, were delighted with the results. From the exhibition and with a few keen buyers placing deposits before the exhibition doors even opened, a total of over GBP 25 million worth of UK property (approximately over THB 1.25 billion) was sold.
Buyers and investors view the Fitzroy Place exhibit in Bangkok.
The agents noted one of the main reasons for the strong response was the strong level of confidence in the London property market, representing one of the safest and most secure investment locations in the world. Buyers can readily appreciate the prospects of steady capital appreciation. More specifically, a number of buyers were seeking apartments with an eye to overseas education and the need to find safe and secure home for their children and a base for family visits.
Fitzroy Place is now releasing the current phase, with prices range from GBP 800,000 to GBP 12.5 million for studio, 1 to 3 bedrooms and penthouses.
One of the main attractions is the very central location of the property in a new and comprehensive re-development of an entire central London block. The well-known restaurant district of Charlotte Street and Oxford Circus is only a short walk away.
The Fitzroy Place exhibit has since moved onto Kuala Lumpur, Singapore and Hong Kong and it is significant that they chose Bangkok as the first stop for their Asian road-show. “Thai buyers are definitely interested in the London market,” said Aliwassa Pathnadabutr, Managing Director of CBRE Thailand.
There is a broad awareness of the main features of Central London but buyers at present are still educating themselves on specifics such as locations, pricing and the general underlying supply and demand trends of the market.
Robert Collins, Chief Executive Officer of Savills Thailand, joint agents for the project and a noted London property specialist locally said: “Fitzroy Place is considered to be the most successful launch of London residential property to the Thai market.”
Richard Shaw, Residential Director of Exemplar added: “We were impressed with the questions and interest in London and the quality of Thai buyers. Previously, we have focused our attention primarily in Hong Kong and Singapore where people have been buying London property for decades. However, this exhibition and trip have been eye-opening for us in terms of the sophistication of Thai residential market and Thai buyers. We look forward to forming a long and positive association with both the existing buyers and the Thai property market,” he said.