Galliard opens first office in China

London’s largest private developer, Galliard, has opened its first office in China as it seeks to ramp up sales of its prime luxury flats to Asian buyers. It has taken a three-year lease on the 27th storey of the Kerry Centre in Jing’an, Shanghai, for a two-man team tasked with driving sales across the continent. The expansion has been spearheaded by Ben Waterman, Galliard Homes’ director of international sales. Waterman said: “This is Galliard going into China as Galliard Homes China. It is a supporting office. “The Chinese market is very much driven by third-party agents and they are starting to come to developers directly.” After 25 years of selling to overseas buyers in Hong Kong, Singapore and Malaysia, Galliard broadened into the Chinese market two years ago. Initial sales have been led by licensed agents representing the developer going to Chinese local agents to sell its luxury city centre apartments. Waterman said Asian buyers were increasingly seeking out flats at the higher end of the market, buying off-plan at Islington Square, N1 (pictured), and Galliard’s newest scheme Tottenham Court Road West, W1, where prices go up to £3.5m. Buyers have been attracted by prime central London locations, with high levels of amenities at these newly launched developments. Waterman added that Hong Kong investors seeking to move money out of the region are attracted to completed homes. Galliard is selling apartments at older schemes including Westgate House in Hanger Lane, W5, and the Timber Yard in Birmingham in a joint venture with Apsley House Capital. Last year, Galliard sold all 100 flats in phase one of the Timber Yard in a three-day launch event. The homes were sold off-plan to UK and overseas buyers. Waterman says demand from China has been rising as Galliard establishes its brand and creates relationships with agents. He says this peaked around the start of the academic year with sales encouraged by the two-year extension of student visas. He said: “The timing has been perfect. Our name and our brand is becoming more accessible.” Buyers include investors and a large number of families buying flats for their children to live in while they study. “Where students from Hong Kong, Singapore and Malaysia have for a long time come to study and live in the UK, you are seeing that on a much larger scale now from mainland China,” added Waterman. Based on the performance of the office, Galliard may seek to create a network in China, with potential additions in Shenzhen and Beijing. The expansion is a big vote of confidence for the luxury London resi overseas sales market. Chinese currency controls have put a squeeze on overseas spend and increased taxes threaten to dissuade investment. In the first half of 2019 the proportion of prime central London purchases from Asian buyers fell to just 6%, according to Hamptons International. This followed steady climbs from 4% at the end of 2015 to a peak of 21% in the second half of 2018.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette