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Far Eastern investors are snapping up apartments at MediaCityUK in Salford Quays, having invested £4.5m so far.
Following sales visits to Hong Kong in March and the Malaysian capital Kuala Lumpur in May, Peel Media Living has sold 36 apartments in two residential blocks.
Peel has now committed to trips to Singapore in October and Hong Kong again in November.
Peel's development director James Whittaker said: “It became apparent at last year’s Shanghai Expo that there’s a real demand for UK investment opportunities within the Chinese market.
“The hotels there are booked each weekend by London-based developers selling schemes off-plan, so there was overwhelming evidence that marketing to this cash-rich corner of the world would pay off.
“We also had the benefit of a completed development and the twin attractions of the BBC and Manchester United to a market that loves British brands.
“But it was still a big risk for us. We invested £75,000 in marketing and needed to sell between eight and 10 units to break even.
“We used King Sturge’s office in Hong Kong to co-ordinate, and took the development models out with us, set up shop in a room in a hotel and waited to see what would happen.
“We sold 24 units to 24 different individuals. We achieved £3m worth of sales in three days.
“We went on to Kuala Lumpur where there is a massive Manchester United following and, while we did not do as well as Hong Kong, as the market there is more cautious and conservative, we still sold 12 units in two days.
“Since our return all 36 have completed.”
Peel has offered 12-month rental guarantees or furniture packs and say investors can expect a six per cent annual return on their capital.
Mr Whittaker added: “Chinese investors are
very savvy, they want the best return for the least risk and were attracted not just by the fact that prices here are a third of the London equivalent but that they get instant returns.”
Manchester Evening News, July 21
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