Flats in Battersea Power Station will get cheaper thanks to the collapse of Malaysia's currency
Dan Kitwood/Getty Images
The first of the homes in the development, which include a 516 square foot studio flat priced at £1.4 million ($2.2 million), will be finished next year.
But you might want to wait before buying.
"A lot of presales were sold to rich Malaysians, but the currency has collapsed since then," Camilla Dell, managing partner of high-end property consultants Black Brick said at a conference in London on Tuesday.
"I don't think all of them can really afford to complete so we might be seeing some fire-sales there. That development is definitely one to watch," said Dell. "We've never advised anyone to buy into" the development.
The Malaysian ringgit has fallen more than 20% against the British pound this year, making any property deal signed in principle before the collapse way more expensive to complete on now.
The currency has been hit by the emerging markets slowdown, led by China and the collapse in commodities prices. Here's the chart:
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market