The price rises well above the Greater London average of 3. 6%
Dubai, United Arab Emirates
Barratt London’s Sterling Place project, unveiled this month, is expected to receive strong demand from GCC investors after JLL revealed that average space costs in the region rose 8. 3% year-on-year.
Barratt London, part of the Barratt Group, the UK’s largest homebuilder, has officially unveiled its new development, Sterling Place, in New Malden in the south-west of the British capital, revealing that the popularity of the location has led to housing construction. Costs increased by 8. 3% last year.
A study conducted by JLL found that New Malden is one of the most sought-after and the number of citizens is expected to increase by as much as 2. 4% between 2021 and 2026. Along with this growing popularity, average promotion costs have also increased by as much as 8. 3% in just 12 years. years. New Malden has also surpassed London and neighbouring regions over the past five, ten and twenty years.
Barratt London MENA’s opened office, run through UAE-based Hardington Residential, leads sales in the GCC. According to the company’s CEO, Ian Plumey, it is attracting a lot of interest from investors in the region.
“This progression is attracting investor interest in this region for three main reasons. The first is for those looking for a place to spend the summer, located in a leafy area of the capital but only a few minutes from central London or Surrey; the moment is education, with South West London considered one of the most sought-after spaces by parents; and finally, the incredible investment opportunities: there are very few investment vehicles that provide 8. 3% growth in 12 months. “Plume said.
“Lately we are seeing Saudi, Kuwaiti and Emirati investors leading the rate of these types of properties, followed by Qatar, Oman and Bahrain,” he added.
Sterling Place will feature 456 new one-, two- and three-bedroom apartments, replacing an old abandoned printing press, famous for producing, among other things, currency for many countries around the world.
The new apartments will be distributed over seven blocks of staggered heights ranging from seven to fourteen floors. Starting at $459,600 (£379,000) for a one-bedroom home, the first phase will offer panoramic perspectives of southwest London and the City. In addition to the prospects, citizens will get the advantages of an open-plan living area and landscaped gardens. The first homes will be delivered in the fourth quarter of 2025 and are expected to be completed in 2027.
The new residential village has been designed with the surroundings in mind. The addition of podium gardens, play areas, and tree and shrub planting will bring a net 10% biodiversity gain to the region. Every energy-efficient home deserves to have an EPC score of B or higher, and the site has 240 electric charging points, more than 900 parking spaces for motorbikes and solar panels.
New Malden is a domain that could also benefit from the potential delivery of Crossrail 2. A study by JLL found that 76% of the spaces surrounding planned Elizabeth Line stations exceeded the regional average in terms of asset costs over the decade. before its launch, opening, further emphasizing the return on investment (return on investment prospectus). The line would also provide special connectivity in the region, with up to 30 trains per hour to destinations such as central London, Hertfordshire and Surrey, particularly reducing adventure times.
Close to the Surrey border and conveniently in both the city and the countryside, Sterling Place has 4 nearby bus routes and 3 exercise stations within a 15-minute walk. The District and Northern lines can also be reached from nearby Wimbledon and South Wimbledon tube stations. Stations.
In addition to the city, there are several iconic destinations in South West London. Richmond Park, known for its deer, is less than two miles away and spans 2,500 acres, home to lookouts, cafes, playgrounds, and a Victorian wooded area. garden. At the same time, the famous annual lawn tennis competition is held near Wimbledon. Colourful Kingston-Upon-Thames, just five kilometres from Sterling Place, is the ultimate destination for shoppers, with its bars and restaurants along the river. Thames.
From a school perspective, Merton region is home to more than 85 schools and the borough is in the top 10 in London for ‘outstanding’ schools ranked by Ofsted. The district’s selective schools are also in high demand, with 1,500 students applying each year. for the 180 positions available at Tiffin School.
Stuart Leslie, Director of Sales and Marketing at Barratt International, said: “We’ve noticed shopper behaviour replacing post-Covid, with the need for a smart work-life balance more than ever. On a domain like New Malden, you’re on the doorstep of Surrey, where you have the best combination of nearby countryside and the bustling capital less than 30 minutes away by train. “
“For me, the biggest draw of New Malden is its location. You’re very close to London’s iconic destinations: Richmond Park, Wimbledon Village, and Kingston are all nearby. It’s no coincidence that this domain is increasing in price because it’s ticking. many of the boxes needed to live in 2023. “
Prices at Sterling Place in New Malden will start from US$459,600 (£379,000) for a one-bedroom home. For more information, visit www. barrattlondon. com or call 0330 057 6666.
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