TREG offers a unique residential development project in Birmingham
KUWAIT: Mohammed Waleed Al-Qaddoumi, Deputy Managing Director, Marketing and Manager, Canada branch of Top Real Estate Group (TREG) said that the Group is proud to offer its clients in Kuwait and Qatar one of the best real estate residential projects in Birmingham, UK. This project is developed by Seven Capital, a firm specializing in real estate development across central and northern UK. Al-Qaddoumi added that Birmingham is the second largest city in Britain following the Capital City of London and was ranked on the top of Western Europe’s top 10 most attractive cities for investments. Many banks and private companies moved their head offices to Birmingham due to its unique location in UK and lower costs of living and accommodation as compared to London. He added that over the past years, above four billion Pound were injected in infrastructure projects in the city to develop the same. Al-Qaddoumi said that the city has five major universities and four colleges with about 73 thousand students, out of them about 10 thousand students come from the Far East and Middle East regions. He pointed out that the city offers many job opportunities and attract staff for various sectors from several regions. These factors help the real estate residential segment in the region prosper and grow demand. On the other hand, private companies execute dozens of residential and commercial developments in the City and its downtown area. Upon completion of such developments, the City is set to become one of the most beautiful emerging cities in Europe.
With respect to the project background, Al-Qaddoumi said that it comprises residential buildings to be executed in several phases. The development is located approximately one mile away from the railway station and shopping center in the City. Al-Qaddoumi indicated that Phase I consists of 291 luxury apartments ranging from studio to three bedrooms with different spaces and the prices start from £ 134 thousand. The acquisition is for renewable leasehold term of 125 years, adding that the project is under construction and handover will take place at the end of 2017. With respect to payment terms, he said that a client will pay 30 percent advance payment and the outstanding balance has to be paid upon handover. He indicated that the payment and contract procedures will be processed through the client’s lawyer or a lawyer recommended by the Group. Al-Qaddoumi explained that the Group’s lawyer examined all project related documents before offering it to our clients.
Al-Qaddoumi said that Birmingham is the fastest growing City in UK and significant real estate activities made it the most attractive destination for investors. Good returns on lease can be realized ranging from 5-8 percent per annum while a property under construction realizes about 25 percent upon completion of construction. On the other hand, annual growth rate of property value in the city ranges from 5-10 percent depending on the location, specifications and benefits of the property. AlQaddoumi stressed that the Group, given its deep-rooted experience in UK real estate market, advises its clients to invest in this project and in Birmingham, which is set to witness a major shift in increasing values of properties over the next five years. Early investment in the City will achieve a positive return in the future.