Trend-setting 'New London' postcodes hailed as the latest real estate destination for UAE buyers
Dubai - Upper House, the world's first collection of luxury apartments fully designed by therenowned Foster + Partners architects,is being unveiled to investors in Dubai this week. Situated in the heart of London's global financial district, Upper House occupies the top 30 floors of the Principal Tower - London's new residential landmark.
With London consistently featured among the most sought-after destinations for Middle East real estate investors, Principal Tower presents a unique opportunityin London's latest property hotspot.
Designed inside and out by the architects behind contemporary global landmarks such asZayed National Museum in Abu Dhabi, The Gherkin in London and Beijing International Airport, prices arestarting at AED 9.3 million for a two-bedroom apartment.
The Upper House is the second phase launch at Principal Tower, developedby Brookfield, Concord Pacific and W1 Developments in joint venture. With spectacular views over the City of London, each luxurious apartment in Principal Tower benefits from the residents' gym and spa, screening room, lap pool and 24-hour concierge.Sales of apartments in the City House collection were officially launched in September 2014, and sold out in less than two months.
Just 30 minutes away from London City Airport, the Principal Tower development features a stylish piazza, shops, offices, cafes and restaurants. With links to five major transport hubs - including London's major Crossrail development - Upper House presents a sustained long-term capital growth opportunity.
In addition to their global projects, architects Foster + Partners have delivered a number of landmarks in the UAE and the wider Middle East including:
• Al Faisaliah Complex in Saudi Arabia
• Queen Alia International Airport in Jordan
"Over the years, London's stable real estate market has become known as a safe haven for Middle East investors, and the city remains the principal target for regional capital," said Tim Wright, Director - Residential at JLL, the selling agents for Principal Tower. "In addition to that, we have witnessed increasing interest from Middle East investors outside the traditional 'golden postcodes' of Belgravia, Knightsbridge, and Chelsea, in areas of 'New London'such as The City and Shoreditch. This interest is driven by a desire to spot new growth areas and benefit from higher returns."
Terry Hui, President and CEO, Concord Pacific, said: "The Upper House at Principal Tower offers the chance to buy an architectural gem with true rarity value, designed inside and out by Foster + Partners in the heart of London's global business district. This is an exceptional opportunity to buy into an iconic landmark building with outstanding cachet and excellent investment potential."
Christopher Murray, Managing Director, W1 Developments, said: "We are creating a new district: a buzzy, vibrant place where people will want to both work and live. On the doorstep of both the City and Shoreditch, Principal Tower sits within the wider Principal Place development which includes state of the art offices, shops, restaurants, apartments and a beautifully landscaped half-acre piazza. Uniquely, the entire development is being built at the same time. When it is finished, homeowners can expect that all the offices, shops and restaurants are open."
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About Principal Tower
Designed by world renowned architect Foster + Partners, Principal Place is London's next iconic city complex featuring a perfect mix of residential and top grade office space, retail facilities and a half-acre public piazza. Principal Tower, the 50-storey luxury residential establishment at Principal Place, will be Foster + Partners' first London residential tower designed both inside and outside, reaching 175 meters, making it one of the tallest residential buildings in Central London. The development will have expansive views from Canary Wharf in the East to St. Paul's and the Houses of Parliament in the West. The Principal Tower development project is a joint venture between Brookfield, Concord Pacific and W1 Developments.
For more information, visit www.principaltower.com, where prospective buyers can register their interest.
About Brookfield
Brookfield Property Partners is one of the world's largest commercial real estate companies. Our goal is to be the leading global owner, operator and investor in best-in-class commercial property assets. Our diversified portfolio includes interests in over 100 premier office properties and over 150 best-in-class retail malls around the globe. We also hold interests in multifamily, industrial, hotel and triple net lease assets through Brookfield-managed private funds.
For more information, please visitwww.brookfieldpropertypartners.com
Concord Pacific is a Canadian headquartered developer of multi-phased, master-planned residential communities. With more than 20,000 units built or currently under development, it is Canada's largest urban community builder and has won numerous national and international awards for design and excellence. Their development schemes are strategically designed to enhance the lifestyles of its residents with innovative architecture and engaging public spaces of world‐class scale and use. The Group's legacy as an urban master‐planned community developer began with Canada's largest urban master-planned community, Concord Pacific Place in Vancouver, Canada. Second only in size to Concord Pacific Place, Concord's CityPlace development in Toronto has continued its skyline defining legacy and confirmed its master-planning model. Concord continues to advance its model to numerous prime communities and projects under development both nationally and internationally. For more information, visit www.concordpacific.com.
W1 Developments Ltdis a London-based property company that specialises in high-quality commercial and residential developments. The W1 Developments team has created more than 500,000 sq. ft. of high-quality accommodation in London and is one of the leading property developers in Central London. Its success comes from adapting global real estate concepts in order to provide London with imaginatively designed buildings that deliver exceptional value for its customers. W1 Developments recently exchanged contracts on Marylebone Square W1, a circa 1 acre site in one of the most sought after areas in Central London, just off Marylebone High Street.
W1's fundamental goal in its projects is to create distinction and value that exceeds the local market rate. For additional information, visitwww.w1developments.com.
About Foster + Partners
Foster + Partners is one of the most innovative architectural practices in the world today and is led by Founder and Chairman Norman Foster and a Partnership Board. Although the office has a large campus in London, where it was first founded, today this is one of a global network of studios. Over the past five decades the practice has pioneered a sustainable approach to architecture and ecology through a strikingly wide range of work, from urban masterplans, public infrastructure, airports, civic and cultural buildings, offices and workplaces to private houses and product design. The studio has established an international reputation with buildings such as the world's largest airport terminal at Beijing, Swiss Re's London Headquarters, Hearst Headquarters in New York, Millau Viaduct in France, the German Parliament in the Reichstag, Berlin, The Great Court at London's British Museum, Headquarters' for HSBC in Hong Kong and London, and Commerzbank Headquarters in Frankfurt. The practice has received over 675 awards for excellence and won over 120 national and international competitions since its inception in 1967.
Visit www.fosterandpartners.com.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
For further information, visit www.jll.com.
For more information, please contact:
Erica Pettit / Vadia Rai
+971 4 437 2105 / +971 4 437 2110
erica.pettit@fticonsulting.com /
vadia.rai@fticonsulting.com
© Press Release 2015
