The UK’s Berkeley Group launches Queenshurst in Malaysia

LIVING in the London borough of Kingston upon Thames, with its history of crowning seven Anglo-Saxon kings, would certainly make for good dinner conversation. The Berkeley Group’s latest offering — Queenshurst — might give you that opportunity as it launched the first phase in Malaysia on the weekend of July 30.

Queenshurst sits on about 2.55 acres and will consist of three core buildings. Each core has two blocks that range from six to eight storeys. It will have 273 units with built-ups ranging from 404 to 1,309 sq ft and is slated for completion in 2019. The layouts of the units will be a mix of Manhattan suites or studios and 1, 2 and 3-bedroom styles that come fitted out with Smeg appliances. The developer is not ready to reveal the gross development value.

The project will be sold in three phases. Phase 1 was launched on July 9 in the UK with 99 units up for sale. Currently, 61 units are available. The units have built-ups from 404 to 1,023 sq ft and prices start at £420,000. Phase 1 is scheduled to be completed by the second or third quarter (3Q) of 2018.

The launch dates of the remaining units are yet to be confirmed.

“Berkeley purchased the site [for Queenshurst] in 2013, and it is influenced by the design of London’s charming garden squares,” says Tim Pettman, sales director for Berkeley Homes West London via email. “The new homes at Queenshurst will be set around a private landscaped courtyard with an exclusive residents-only WiFi-enabled lobby, gym and 10-seat cinema. A new linear park, restaurant and commercial space along the east side of the development will add to the countless leisure facilities nearby.”

A concierge service will also be provided for its discerning buyers, which, according to Pettman, will be a varied group.

“Queenshurst has a wide appeal due to the variety of homes it offers … along with its prime location close to the heart of Kingston,” he says. “We have seen interested first-time purchasers, locals who want to upsize to a new apartment or one closer to the town’s many amenities, downsizers looking for a luxurious apartment lifestyle rather than a house and, of course, investors, with the strong demand for rental property and prospects for capital growth.”

Pettman shares that the estimated rental yield is between 3.5% and 4%.

There are a couple of public transport links — the Kingston railway station and a bus stop in Cromwell Road — that are both a five-minute walk away. Directly opposite the Queenshurst site is a Sainsbury’s and Virgin Active fitness club. Other nearby amenities include state schools, Kingston University and the University of Roehampton. It is within walking distance of Hampton Court Palace and two Royal Parks, Richmond and Bushey, are just across the river.

Affluent borough

According to the 2016 CBRE Residential London Living Borough by Borough report, “once the ancient market town where Saxon kings were crowned, Kingston upon Thames is now a colourful little riverside borough; its cobbled streets lined with an eclectic array of boutiques, cafés, bars and restaurants”.

The report adds that it is about 12 minutes to Central London by rail.

CBRE indicates that it is an affluent borough where the average salary of a resident is £50,351, some 17% higher than the London average.

The average house price in the area is £484,213 or 3% higher than the London average. CBRE points out that property prices vary, depending on the location within the borough, with those bordering Richmond achieving values above £650,000, while those in the southern regions are closer to £400,000.

Rents average £1,408 per month, 34% lower than London overall. House prices have grown 90% over the last decade and 13% over last year.

Long-term view

The location and the design of Queenshurst provides buyers and investors a quality product that they can be proud of. However, will the current changes in the UK, with its new prime minister and the recent vote to leave the European Union, affect sales?

“Kingston is a very popular town in Southwest London and Queenshurst is the only new development being built with apartments available to buy so centrally to the town at the moment, so, demand has been steady,” says Pettman. “First completions [for the project] are not expected until 2Q or 3Q2018, so, our buyers are looking at purchases with a long-term view rather than worrying about the state of the market now.”

Overall, Pettman notes that the general market in Kingston is good, and its good location and varied amenities should benefit the area in years to come.

“Significant plans for regeneration in parts of the town and the promise of further commercial and residential investment over the next few years will ensure that the town remains a desirable destination to live and invest in for years to come,” he concludes.

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Aug 1, 2016. Subscribe here for your personal copy.