The future of London property market may appear to be hazy and vague but a Chinese developer has shrugged off the clouds gathering over London’s luxury property market by launching an iconic residential tower there. Chinese firm Greenland Group is planning to bring an extra high and extra-glam development Spire London to east London, worth £800m – poised to be Western Europe’s tallest residential skyscraper. Extra-high is what Greenland Group, the biggest premium property developer in Shanghai, specialises in.
Spire London, due to be built near Canary Wharf in the London Docklands, will stand at 235m high, making it the tallest residential building in Western Europe. The tower is designed by Larry Malcic and Christopher Colosimo of architects HoK and is inspired by orchids and the interior of Spire London is designed by Nicola Fontanella of Argent Design. Sales of the residential apartments at the said development are set to begin in October, which is due for completion in 2020. The developer reveals that construction is underway on Spire London in Canary Wharf and upon completion; it will have 67 storeys and 861 apartments.
The developer has plans to officially launch Spire London at an event on October 13, 2016 – with apartments to go on sale with a 999-year lease at price starting from around £600,000. On the 35th floor of the development, there will be a spa, a swimming pool with an infinity edge, a jacuzzi and gym besides a “club room” with a cocktail bar and cinema. Out of a total of 861 apartments in the development’s main Hertsmere House site – 72 will be available for immediate and 24 at intermediate rent.
60 units will be located off-site on Dalgleish Street in Limehouse, with 27 of them available for affordable rent, 26 will be socially rented and 7 will be available for shared ownership. All these properties will be managed by a housing association, which is not yet finalized.
Most of the real estate experts welcomed the new residential development and are of the view that point of concern will be the sales performance of Spire London when it is launched amid concerns that the market for luxury development in London is already saturated.
“The important launch of a resi-skyscraper around this time of year reflects the confidence of the international developer both in London economy and London property market,” said Wenhao Qian, the managing director of Greenland’s UK investment arm. “We believe that there is always a demand for ‘best in class’ property assets that offer a high quality, bespoke, designed and unique product in a prime location. In our view, Spire London fulfils these criteria, and we believe there will be significant demand for the apartments within this tower from both the UK and overseas,” he said further.