Scarborough Group International

Scarborough Group International’s (SGI) worldwide expansion plans continue with the sales of a luxury townhouse development in China.
 

SGI has sold 94 out of 120 high specification townhouses in the Longhua district of Shenzhen, close to Hong Kong, via its holding in Chinese property group Top Spring International. The sales amount to more than RMB 770m.

Phase one of the speculative 470,000 sq ft Longhua development is yet to be completed and the sales are supported by down payments on a further 26 properties, valued at an additional RMB 264m.

Director Simon McCabe said: “It is great to have such positive news about our Shenzhen Longhua townhouse sales when the western property markets are experiencing such difficulty at the moment.

“While many property companies are currently finding the market difficult, and there are plenty of stories about downsizing and uncertainty, Scarborough Group is in a buoyant position.

The townhouses, or villas, form part of a prestigious development located near to the Niuzhui Reservoir in Longhua, just ten minutes from Shenzhen’s Futian Central Business District, making it ideal for business commuters.

When completed, the development will include almost 272,000 sq ft of residential property, combined with 13,280 sq ft of retail accommodation and a dedicated 4,593 sq ft clubhouse.