Big Sales at London's One Hyde Park Development
High-end real estate in London is alive and well. Last March I mentioned that Sheikh Hamad, the foreign minister of the Gulf State of Qatar had picked up an apartment for a rumored £100 million (around $196 million) in One Hyde Park and now the Sunday Times reports that he is not alone. They report that half of the 80 apartments at the luxury complex designed by Richard Rogers have been contracted to be sold. The super rich from around the world have been spending prices of around almost £6000 per square foot with an average apartment price of £20 million ($39.23 million). Most of the buyers are from elsewhere with 39% coming from Russia and 25% from the Middle East while just 14% of the buyers are from Britain. The property will have an underground passage to the nearby Mandarin Oriental hotel and access to all hotel amenities. The project is expected to be completed in 2010.