Property prices in central London rise by 0.4% in June

The prime property prices in central London increased by 0.4% in June and now up by 3.7% in 2013 to date, the latest data from property firm Knight Frank has shown.

According to the figures, the price growth in central London has risen 6.9% over the past 12 months. The strongest price growth was seen in the sub £1 million price bracket where prices rose by 6.6% in the first half of the year.

Marylebone and South Bank recorded the biggest price rises during June, up by 2.8% and 1.4% respectively.

In Notting Hill the average property prices increased by 0.8% while in Knightsbridge, where the average price for a property is above £2 million, and Belgravia the prices remained static over the course of the month. In Mayfair the average cost of a prime home decreased by 0.2%.

In the City Fringe, where the average property has a value under £1 million, prices rose by 7.8%.

The data showed that the prime property prices in central London are about 60% higher than the market through in 2009.

Over the last 12 months, the £1 million to £2.5 million price bracket properties have increased by 8.5% and by 5.4% in 2013.

The £10 million-plus sector homes have increased by 4.5% up annually and by 1.5% over the year to date, with activity levels remaining healthy.

Liam Bailey, global head of residential research at Knight Frank, described the higher stamp duty charge for £2 million plus properties, introduced in the last year’s budget, as the main factor behind the strong growth of lower price brackets.

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Philippines’ Zuellig Building wins best project award

Philippines’ Zuellig Building has been selected as the winner by Engineering News-Record (ENR), a premier U.S. industry publication, for the Green Project category of its 2013 Global Best Projects competition.

Zuellig building, located at the crossroads of Paseo de Roxas and Makati Avenue, was among the 66 projects that competed for getting recognition in one of the 20 different categories, from airports, office buildings, healthcare centers, bridges, highways and roads.

ENR, a weekly magazine with an international audience of architects, engineers, projects owners, contractors, industry suppliers and government regulators, holds Global Best Projects competition every year to honor the design excellence and construction across the globe.

In this year’s competition, 21 winning projects included 11 Best Projects and 10 Awards of Merit. The Best office Award went to China’s Central Television Headquarters in Beijing. BC Place Revitalization in Vancouver was selected for the Best Sports/Entertainment category award. The Shard in London snapped up Best Retail/Mixed-Use Development category award while New York’s National September 11th Memorial won the Award of Merit in the Cultural category.

A seven-member independent jury of veteran industry professionals chose the project winners considering several factors such as innovation, safety, artistic quality, contributions to global community and the global diversity of the project team.

Zuellig Building, constructed by WV Coscolluela and Associates (WVCA) with the collaboration of world-class architects, engineers, and project consultants, is the first high-rise building project in the Philippines that was pre-certified by the US Green Building Council at the LEED (Leadership in Energy and Environmental Design) Gold level.

Thanks to its superb-location, world-class design and distinctive frontage, the building is on course to become the premier business location in Metro Manila.

Zuellig Building was selected as one of the top three buildings in the “Best Office and Business Development” category of MIPIM Asia Awards 2012.

For more information on the global property market, head to MIPIM March 11-14, 2014 in Cannes. Contact EAS for the best in quality accommodation, marketing and event management. For further information, click here.