Ballymore sells off properties in Asia
Far Eastern property investors are coming to the aid of the beleaguered Irish taxpayer thanks to a new marketing campaign being launched by Sean Mulryan's Ballymore Properties. The company has embarked on a roadshow to Hong Kong and Singapore to sell apartments at two of its London developments. It sold 43 units at the Pan Peninsula development grossing more than €20m during a recent weekend in Hong Kong.
While it is not yet known which Ballymore loans are likely to transfer to NAMA, there is a possibility that those which funded some of the Canary Wharf projects will be among them. So Ballymore's bankers will be relieved that they will not need to take a haircut on these loans as the prices were pitched at or above Ballymore's "base minimum achievable price" of £800 psf. (€82.60 per sqm).
A spokesman for Ballymore said: "It definitely shows how the London market is recovering and this is good news for NAMA and their loans in London."
Out of the 720 units that were built at Pan Peninsula, Ballymore has 50 left and these will go on sale in Singapore on 17 April.
Chinese investors consider Pan Peninsula "as the real top end of luxury apartment living in London," he added.
In the meantime the company returns to Hong Kong shortly with units in its new residential development at 21 Wapping Lane, London E1, where prices start at £245,000 (€273,000) for a studio home. This development is two miles from London's traditional financial district, The City.