Wealthy Singaporean house hunters are being wooed into buying luxury apartments in Canada Water by developer British Land.
A property exhibition for ‘The Founding’ residential block was held in Singapore earlier this month and apartments have been priced at up to £2,176,500.
Lib Dem Cllr Victor Chamberlain described the advertising campaign as “a flagrant insult” to the 17,509 people on the housing waiting list.
Responding, British Land said it was seeing “good levels of interest from potential local buyers” and that there had been “a full advertising campaign in tube stations”.
Forming part of British Land’s 46-acre, £3.3 billion masterplan, ‘The Founding’ is a 186-flat, 35-storey block overlooking Surrey Water.
It won’t be completed until autumn 2024 but Savills estate agents are already flaunting the flats to rich foreign buyers.
In one article, the “expansive open-plan homes” are described as having “meticulously curated” interiors, “breathtaking panoramic views” and roof terrace foliage “inspired by Ecuadorian rainforests”.
Jacqueline Wong, Executive Director of Residential Services at Savills Singapore, said: “Having been to Canada Water and understanding the masterplan, the potential uplift of the entire neighbourhood will be tremendous.”
But the foreign advertising campaigns have angered Cllr Victor Chamberlain who said: “British Land is advertising ‘The Founding’ in Canada Water as ‘the next big thing for investors eyeing residential property in London’ at expos in China and Singapore. This is a flagrant insult to the thousands in our borough who cannot find a decent home.”
Local resident Michele, who lives near ‘The Founding’ construction site, said: “When they [British Land] first came in and met me before the development started they said there’ll be opportunities for your son to get a place… but my son can’t afford nowhere round here. How are young people or families ever going to afford those prices?”
A spokesperson for British Land told the News: “We have seen good levels [of] interest from potential local purchasers to date, and are working with local sales agents (who were first engaged before Christmas) to ensure interest garnered from the surrounding areas.”
The spokesperson said that the 3,500 homes across the site would be 35 per cent affordable once completed and that Plot K1 has 100 per cent affordable homes.
“Early off-plan sales of properties like those at The Founding ensure the delivery of these affordable homes is viable to help us meet the area’s need for affordable housing, the spokesperson added.