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World's most expensive residential apartment at One Hyde Park

posted 19 Feb 2011, 06:03 by Mpelembe   [ updated 19 Feb 2011, 06:06 ]
World's Dearest Apartment- World's most expensive residential apartment at One Hyde Park

The world's most expensive apartment buildings built in Hyde Park were on sale starting from January, 2011.

Name One Hyde Park in London, four 13-storyed apartment buildings occupy one hectare of land at one of the most expensive Knightsbridge region in London. There are all together 86 apartments. With 5,000 engineers from all around the world taking part at the busiest time, the project took five years to complete.

The most expensive apartment is the one selling for more than 100 million pounds (162 million U.S. dollars) in the latest transaction.

The cheapest is the one-bedroom apartment with a living space of 100 square meters. It is priced at 6.3 million pounds (10.2 million U.S. dollars), amounting to 100 years of income of a middle-class British family, or 20-40 times the price of a moderate apartment around London.

Explaining why it is so expensive, Nicholas Candy, developer of One Hyde Park said: "first of all, it will never happen again in central London. So not in this position, you'll never get this location again. Second, this is the first proper building in London managed by hotel."

London's Knightsbridge is among the most expensive locations in the world. It is attractive for its lasting ownership of the property up to 999 years.

Residents there enjoy such services as private cinema, 21-meter-long swimming pool, saunas, a gym, a golf simulator, a wine cellar, a valet service, concierge and 24-hour room service provided by 60 professionals from the Mandarin Oriental next door.

All the glass is bullet-proof, and the security system is tailor-made, with the security guards made up of mostly Royal Air Force retirees and veteran ex-police officers.

All these are included in the property management fee of 140 pounds per square meter.

One Hyde Park has applied many high technologies in the use of materials. The buildings are heated by geothermal energy. The total length of optical cable is 600 kilometers. The construction cost alone is estimated at 500 million (809 million U.S. dollars).

Sixty percent of the apartments have been sold since presale started two years ago.

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