Asia buyers descend on global property

06 April 2010

Asian residential property investors are displaying a renewed appetite for international luxury real estate, according to global property advisor Savills.

Savills’ International Marketing Division has showcased a number of prestige residential projects from throughout its global network in key Asian markets in recent months.

A total of AUD$421 million worth of premium residential property was snapped up by Asian buyers as result of the roadshows.

Projects showcased by Savills in Asia included The Residence Hyde Park, Sydney; Neo Bankside, London; Chelsea Apartments, London; Millennium Towers, San Francisco; Casa Lakeville, Shanghai; and Printworks, London.

A total of 274 Asian sales were made across the six projects. The strongest demand was for apartments up to AUD$2.5 million, with the average sale between AUD$1-2 million.

Julian Sedgwick, the Asia-Pacific Head of Savills’ International Marketing Division, said there was strong interest from Asian buyers across Savills’ global portfolio of prestige residential projects.

“While most sales were from Hong Kong, Singapore, Malaysia and China, there was also solid buyer enquiry from other Asian markets such as Korea, Vietnam, Thailand, Japan and Indonesia,” said Singapore-based Mr Sedgwick.

“There is definitely renewed interest from top-end Asian buyers, who are actively seeking opportunities to secure trophy properties in landmark city locations.”

Peter Coulton, Savills NSW Divisional Director of Project Marketing, said there was solid inquiry in premium Sydney residential property from all Asian countries.

“Australia’s economic fundamentals are viewed as very strong on the world stage and our resilience in withstanding the global economic downturn has further enhanced this standing,” said Mr Coulton, who launched Sydney’s The Residence Hyde Park project to the Asian market via the Savills roadshows.

“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.”