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International

PropNex sells 15 units in newly launched Manchester project, and will launch new London project next month

By Nicholas Lam

/ EdgeProp Singapore |

April 24, 2024 11:00 PM SGT

Prices at Waterhouse Gardens in Manchester start from GBP383,000 for a two-bedroom unit. (Photo: PropNex)

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As part of its effort to expand its international property sales business, mainboard listed real estate agency PropNex Realty is marketing two new UK projects in Singapore – Waterhouse Gardens in Manchester, and One Thames Quay in London.

The agency held a project showcase for Waterhouse Gardens on April 17 and sold 15 units to Singaporean buyers. It is partnering with JLL to launch One Thames Quay over the May 11 and 12 weekend.

The PropNex international sales team is led by industry veteran Chua Shir Yee, who stepped up as head of international sales at PropNex in January. She was previously head of international sales at JLL.

According to Chua, the sales at Waterhouse Gardens were buoyed by the project’s attributes, competitive pricing, and favourable financing arrangement. Prices at Waterhouse Gardens start from £383,000 ($644,000) for a two-bedroom unit.

“There is a healthy interest among local buyers to invest in (overseas) properties, and the prevailing ABSD measure (in Singapore) is a push factor for them to evaluate options in overseas markets,” says Ismail Gafoor, CEO of PropNex Realty.

He is referring to the prevailing ABSD regime, whereby Singaporeans who wish to purchase a second residential property in Singapore incur a 20% Additional Buyer’s Stamp Duty.

For now, PropNex handles international projects from established real estate markets such as the UK, Australia, New Zealand, and Japan.

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