mr funny
24-01-07, 14:06
Jan 24, 2007
Price: $519,000
For sale: London apartment
Size: 1/10 that of HDB 3-room flat
http://img147.imageshack.us/img147/4619/stimageswopriceyt77e78e9yx.jpg
SMALL BUT PRICEY: The former storage room is being marketed as an investment property in the exclusive Knightsbridge neighbourhood, and Mr Scott has already received three offers on the property. -- AP
LONDON - A PRISON cell-sized apartment without electricity is on sale for £170,000 (S$519,000) - another sign that London's property market is booming despite rising costs and stagnant salaries.
Tiny, dilapidated studios do not normally attract big money, but this is London, where a tiny former storage room is being marketed as an investment property in the exclusive Knightsbridge neighbourhood.
At 7 sq m, or 77 sq feet, the room is one-tenth the size of a three-room Housing Board flat.
The asking price of the London flat is slightly more than that of a 1,300 sq ft executive condominium in Singapore, which averages about $500,000 each.
Real estate agent Andrew Scott compared it to a small compartment of a ship 'permanently anchored to one of the wealthiest neighbourhoods in the world'.
At more than £2,200 a square foot, the mortgage buys a spot within walking distance of Harrods department store and Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used for years and is littered with trash bags and crumbling paint.
A coffin-sized shower is en suite, and storage is provided by a shallow closet and 25-cm deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow the light to filter into the basement apartment, and the fire escape could conceivably double as a shared patio.
With no functional heating, Mr Scott said it would cost £30,000 more to make the room habitable.
Ultra high-end property prices in London are the highest in the world, with some recent sales hitting about £3,000 per square foot - making the Cadogan Place studio a bargain by comparison, according to a property research report.
ASSOCIATED PRESS
Price: $519,000
For sale: London apartment
Size: 1/10 that of HDB 3-room flat
http://img147.imageshack.us/img147/4619/stimageswopriceyt77e78e9yx.jpg
SMALL BUT PRICEY: The former storage room is being marketed as an investment property in the exclusive Knightsbridge neighbourhood, and Mr Scott has already received three offers on the property. -- AP
LONDON - A PRISON cell-sized apartment without electricity is on sale for £170,000 (S$519,000) - another sign that London's property market is booming despite rising costs and stagnant salaries.
Tiny, dilapidated studios do not normally attract big money, but this is London, where a tiny former storage room is being marketed as an investment property in the exclusive Knightsbridge neighbourhood.
At 7 sq m, or 77 sq feet, the room is one-tenth the size of a three-room Housing Board flat.
The asking price of the London flat is slightly more than that of a 1,300 sq ft executive condominium in Singapore, which averages about $500,000 each.
Real estate agent Andrew Scott compared it to a small compartment of a ship 'permanently anchored to one of the wealthiest neighbourhoods in the world'.
At more than £2,200 a square foot, the mortgage buys a spot within walking distance of Harrods department store and Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used for years and is littered with trash bags and crumbling paint.
A coffin-sized shower is en suite, and storage is provided by a shallow closet and 25-cm deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow the light to filter into the basement apartment, and the fire escape could conceivably double as a shared patio.
With no functional heating, Mr Scott said it would cost £30,000 more to make the room habitable.
Ultra high-end property prices in London are the highest in the world, with some recent sales hitting about £3,000 per square foot - making the Cadogan Place studio a bargain by comparison, according to a property research report.
ASSOCIATED PRESS