Taylor Wimpey Central London plans to launch project in Dubai

Darren McCormack with the model of Onyx Apartments at International Property Show.
Darren McCormack with the model of Onyx Apartments at International Property Show.

Dubai - Dubai Taylor Wimpey Central London also showcased Paddington Exchange at the International Property Show in Dubai.

By Abdul Basit

Published: Sun 8 May 2016, 6:51 PM

Last updated: Sun 8 May 2016, 10:34 PM

London's leading property developer Taylor Wimpey Central London has planned to launch its new project in Dubai soon after its launch in the United Kingdom. "Two schemes are in the process of planning and we want to launch at least one scheme here in Dubai. So Dubai will be the first place to be launched after UK for our new project," Taylor Wimpey Central London sales and marketing director Darren McCormack told Khaleej Times during a recent interview in Dubai.
McCormack was in town to showcase the company's real estate projects at a recently concluded property show in Dubai. "We had an excellent experience at this year's International Property Show. We saw a lot of interest in London property - and particularly for our own unique portfolio of central London developments," he said.
Responding a question about total enquiries registered during the show, he replied: "This year's show saw such a huge number of visitors, which led to a lot of discussions around Taylor Wimpey Central London's boutique portfolio - particularly in relation to some of our most recent launches, namely Onyx Apartments in King's Cross and Palace View, which is close to Westminster."
He expects to close deals for a couple of units out of the property show enquiries in Dubai. Onyx Apartments, which was one of the projects showcased at the property show, has 117 units and located in London's iconic King's Cross. It was launched in February 2016 and 80 units are left. He mentioned that the area has witnessed an exceptional capital growth of 51 per cent over the past five years, which compares to 45 per cent for the rest of London. Quoting Colliers International, he said the market is expected to continue outperforming that of Prime Central London over the next five years with a growth rate of 30.7 per cent compared to 22.8 per cent.
Taylor Wimpey Central London also showcased Paddington Exchange at the International Property Show in Dubai. The project is a collection of 123 thoughtfully designed, high specification apartments set in the heart of Paddington's historic waterside district.
The project attracted great attention from Middle Eastern investors because it's just on a walking distance from Arab's famous Edgware Street where a lot of Muslim food restaurants are located. Eighty-five per cent of the Paddington Exchange unites have been sold to Middle Eastern investors, according to McCormack. The project has 123 units of one, two and three bedroom apartments and only 21 units are left. Taylor Wimpey Central London will bring its latest development to Cityscape Global in September this year, McCormack informed.
Talking about London's property market, McCormack said London is a highly desirable location and the prime central London landscape has seen a lot of change over the last five years, its boundaries are being redefined beyond the traditional 'golden postcodes' - encompassing important districts such as Westminster and Victoria.
"Since the Taylor Wimpey Central London division was established in 2010, we've sought to broaden our portfolio by taking our high-quality, boutique development approach to emerging prime central London locations. These are the areas that attract smart investment and will hold value in the long term," he said.
Responding a question why would investors buy property in London, he replied: "London is highly desirable amongst the global property market. The capital maintains a reputation as a safe and consistently performing market, which is largely thanks to the quality and variety of the product on offer for investors.
Talking about latest forecast for London properties, he said: " Interestingly, there are a number of emerging locations that are outperforming those in prime central London - such as King's Cross and Dalston. 
- abdulbasit@khaleejtimes.com

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