Qatar invests in world's No.1 address
by Rob Corder on Thursday, 22 February 2007
Qatar's Foreign Minister and First Deputy Prime Minister has been named as the backer for a $3 billion property development overlooking one of London's royal parks.
Sheikh Hamad bin Jassim bin Jabr Al-Thani financial support was disclosed by the property developers of One Hyde Park, which will reportedly be the most expensive apartments in the world when completed.
The price of a penthouse flat in the luxury development is expected to be £80 million ($156 million).
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Sheikh Hamad is understood to have invested from his personal fortune, and is the only outside investor in the venture apart from CPC Group, a Guernsey-based investment vehicle owned by the property's developer Christian Candy.
Christian and his brother Nick form the Candy partnership that has demonstrated a Midas touch in the London property market - starting off just over 10 years ago with a £6000 ($11,700) loan from their grandmother to buy a flat in the West of London.
They are now run a property and interior design business that caters to London's indigenous and expatriate billionaire residents.
One Hyde Park is a four-block development that houses 86 prestigious apartments. Nick Candy described the venture as his company's most ambitious to-date. "We have sourced the best of everything in the world and made it even better. There will be a spa, a squash court, a private wine-tasting facility, even," he explained.
Qatari and Qatar are so rich. However, why Qatari are just investing in Europe mostly? They shall concern my country~~~
Oswald Wong