It was a real estate deal that broke U.K. price records, while sparking controversy that led to a royal objection, a costly redesign and a hostile split with the co-developer. But almost 14 years and a market slump later, there are signs of progress for Qatari Diar Real Estate Investment Co.’s Chelsea Barracks.
Properties worth about 200 million pounds ($265 million) have been sold in the west London project this year, taking the total to about 683 million pounds, according to a spokesperson for Chelsea Barracks. With construction complete on roughly 80 luxury homes, 92% of the finished properties have found owners, the spokesperson said.
“2021 has been a highly successful year for Chelsea Barracks in a challenging global environment,” said Richard Oakes, chief sales and marketing officer for Qatari Diar.
After splashing more than $1 billion on the former army barracks in 2008, the site’s owners are now signing deals with the world’s wealthiest home owners from Turkey to Hong Kong.
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