Wealthy Asia seeks UK property bargains

2 min read

High net worth individuals and funds, some based in Singapore, are keen on property pickings in the United Kingdom (UK) following its exit from the European Union.

According to a Bloomberg report, they are keen to capitalise on the pound’s 11 percent decline following the exit, or Brexit as it is commonly known.

The weakening pound has attracted the attention of many Asian investors
The weakening pound has attracted the attention of many Asian investors

The report quoted representatives from Stamford Management, which oversees US$250 million ($339 million) in assets of the wealthy and UBS, the world’s largest private bank.

Despite Brexit, London “remains a key financial hub and a desirable destination,” stressed Stamford Management’s chief executive officer Jason Wang. As a result, “a substantial number of investors see the currency’s depreciation as a “good opportunity to pick up some prime London properties.”

“(Appointed Prime Minister) Theresa May should provide some pragmatic leadership in steering the UK through a manageable Brexit,” he added, citing the pound’s 1.8 percent rebound last week as a vote of confidence.

Mr Simon Smiles, UBS chief investment officer for ultra-high- net-worth individuals, said its clients are paying UK mortgages and keeping an eye out for property bargains.

“Clients I have been speaking to were asking when to buy the pound post its Brexit fall, not selling it,” he quipped.

Vulpes Investment Management, a Singapore-based hedge fund, is similarly looking to strengthen its portfolio in the UK – by investing in biotechnology firms.

“We are regarding this as a buying opportunity in sterling assets, especially for businesses which benefit from sterling being near a multi-decade low against the US dollar,” said co-founder Stephen Diggle.

“The current low level of sterling will be a direct and significant benefit to the bottom line of these US dollar-earning companies,” he explained.

“From there it is easy to extrapolate that other companies in the UK will have similar economic effects, so we have gone looking for bargains,” he quipped.

Visit Bloomberg for more.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

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