Quartermile seals £10m Hong Kong sales deal

By ERIKKA ASKELAND
Published on 02/11/2012 00:00

Quartermile developer Gladedale Capital has sold £10 million worth of flats off-plan to Asian investors after attending two weekend-long exhibitions in Hong Kong and Singapore.

The developer sold 34 apartments at the New Meadows development, which is currently under construction and due to be ready for occupation towards the end of next year on the former Edinburgh Royal Infirmary site. The new-build property includes 91 one- two- three- and four-bedroom flats.

Gladedale’s managing director, Paul Curran, said the company expects to realise further sales to eastern investors. He said: “We took a bold decision to invest in exhibiting Quartermile to the international market in Asia, but it certainly paid off.

“The vast majority of UK developments exhibited in Asia are London-based, so any other location is considered a risk. We are delighted that Quartermile is one of only a few developments outside London to have successfully taken on this challenge.

“Edinburgh has a global reputation as one of the world’s great cities and our visit to Hong Kong and Singapore confirmed that.

“It is a great news story not only for Quartermile, but also for Edinburgh.”

Once complete, Quartermile will have more than 900 apartments.