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07 July 2013

London developer updates investors here - in person
Top executive flies in to let buyers of Fitzroy Place know how the project is doing

Source: Sunday Times | Invest By Rachel Scully

How often does a foreign property developer fly down to update you on your overseas investment?

Exemplar, a Britain-based property developer, is believed to be the first one to do so here for buyers of Fitzroy Place in Central London.

The 999-year leasehold project in the city of Westminster is a five-minute walk from Oxford Street. It offers penthouses, one-, two-, three- and four-bedder units. These are priced between £900,000 (S$1.7 million) and £14 million.

Over 90 per cent of the units have been sold, totalling several hundred million pounds.

Exemplar development director Richard Shaw was present at the two exhibitions and launches held in Singapore in May and November last year.

He was back in town two weeks ago with the project's marketing agents - CBRE and Savills - for a two-day visit to inform buyers on how the project is doing.

This includes a time-lapse video available online showing how the property is being built.

Mr Shaw had also examined the finishings and quality of a "prototype" unit in London as it would paint a more realistic picture than that of a showflat.

Buyers were given a brochure which showed pictures of the unit Mr Shaw had inspected.

When asked if Exemplar came up with this slew of additional services to edge out its competitors because of the growing supply of London properties, Mr Shaw disagreed.

"As this is Exemplar's first foray into residential property of this scale in prime Central London, we were marketing Fitzroy Place as a brand and wanted to give buyers that assurance and comfort since they are putting a fair bit of money with us," he said.

"Besides, there is a shortage of homes in Central London."

Singapore buyers made up 20 per cent of those who bought a unit at Fitzroy Place. Mr Shaw said that the bulk of them were in their late 40s and early 50s, buying apartments for their children to be schooled there.

The project is expected to be completed by the fourth quarter of next year.