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Chesterton brings one of London’s tallest towers worth Dhs1.1bn to Dubai for UAE investors

United Arab Emirates: Monday, September 02 - 2013 @ 14:06

The Dhs1bn Tower at Saffron Square is Croydon’s tallest tower and is scheduled to be completed from 2016 onwards.

Prices start from £162,000 for a suite at The Tower. Chesterton will unveil more details on the project during an exhibition on 6th September, between 3pm until 10pm and again on 7th September between 11am until 10pm at the Emirates Towers.

Measuring 142 metres high, the 43-storey building will redefine the city’s skyline and become a benchmark for new architecture in Croydon. The Tower will include 414 suites, one, two and three-bedroom apartments and penthouses benefitting from sky lounges and roof top terraces.

The Tower at Saffron Square offers residents exclusive access to a range of facilities including a state-of-the-art fitness suite, a resident’s lounge, art gallery and a residents’ only roof terrace with panoramic views across the city.

Jon Hall, sales and marketing director of Berkeley Homes (Capital), comments, “Redefining the Croydon skyline, The Tower at Saffron Square will take its place as the tallest building in Croydon and amongst the tallest residential towers in the UK. But as one of the first high-end residential developments in Croydon, apartments at The Tower will set new standards for luxury in residential accommodation as well as height.”

“This is the right time to buy a property in London and we strongly believe that The Tower is set to provide the investors with attractive returns on their investments. Prime areas in London are set to grow at an average of 8% this year and this growth is being driven by strong UK and international demand and short supply in the market. Over the last few quarters we have seen a growing level of interest from the UAE investors towards London based properties. We are bringing this prestigious project to Dubai due to the overwhelming investor interest that we have already received both locally and internationally. This project is well located and this is surely a great investment opportunity for UAE investors,” said Samuel Warren, Head of International Residential Developments, Chesterton Humberts.

Located in one of London’s greenest boroughs, Croydon boasts over 300 parks and open spaces, including Selsdon Wood – a 200 acre nature reserve – as well as local tourist attractions such as Addington Palace and Airport House. In addition to its green spaces, Saffron Square is within walking distance to a diverse range of cultural and dining experiences, world-class educational institutes as well as two of London’s largest shopping centres including the new Westfield Shopping Centre opening in 2017.

As per a recent Chesterton Humberts research, since 2000, housing completions in London have been averaging just over 18,500 units per annum.

The official estimates and projections for the period 2006-31 are of around 34,000 new households every year. Even assuming completions were to reach their peak pre-recession levels of the 2000s of 24,000 per annum for the remainder of the period to 2031; this would still translate into an annual deficit of around 10,000 homes which equates to a potential shortfall of 200,000 homes over the period. Due to these reasons prices will inevitably come under long upward pressure.

Forming the centerpiece of the Saffron Square development, The Tower will offer residents five-star hotel living set against the backdrop of art inspired interior design. Designed by interior company Box 66, ‘The Arthouse’ inspired communal areas include a theatrical dark painted ceiling, custom designed seating areas and gallery spaces to showcase artwork from local artists.

“Buyers will be able to select interiors and finishes from Berkeley’s City Collection specification which is named after the four international cities renowned for fashion: London, Paris, Milan and New York. Purchasers of the penthouses can choose from Berkeley’s premium City Collection which offers two luxury specifications, Knightsbridge or Manhattan. In addition to the one-acre public square at Saffron Square, the Tower will offer approximately 17,369 sq. ft. of retail floor space, situated around the new landscaped plaza area which includes communal seating areas, landscaping, innovative triangular water features and sculptures for local residents and employees to enjoy. A Tesco Express and letting agent are also on site with further plans for a coffee shop,” added Jon Hall.

Designed by award-winning architect firm, Rolfe Judd, who has worked on a range of luxury residential developments around London including Berkeley Homes’ Woodberry Park in N4 and projects in Covent Garden and Westminster, The Tower will be clad in muted tones of pinks and mauves to represent an image of a crocus flower, which links back to Croydon’s Anglo-Saxon name, meaning ‘Saffron Valley’, a type of crocus. Innovative external lighting will enliven the façade treatment.

Chesterton aims to cater to UAE investors who wish to expand their local or international real estate portfolios, or both, and individuals who simply wish to buy first or second homes in UAE or abroad.

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Monday, September 2- 2013 @ 14:06 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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