Scarborough Group International sales success

Global property specialist Scarborough Group International’s (SGI) worldwide expansion plans continue with sales at a luxury townhouse development in China.

SGI, founded by Sheffield United’s chairman, Kevin McCabe, has sold 144 out of 163 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 1,317m.

Phase one of the speculative Longhua development was completed on 30 November 2008 and the pre-sale of its residential properties started in May 2008, while the second phase, due to complete on 28 August 2009, saw pre-sales of its residential accommodation start in September 2008.

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 International is in a buoyant position.

The Longhua sales demonstrate that there is still real residential property growth in China and we actually pre-sold 60 out of 68 of the phase one townhouses within the first three days of them going on the market.

The group is continually working to capitalise on existing and new property links across the developing economies of the Far East and is working to raise its international profile as part of a considered and ongoing programme of development.”

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.

A third phase of the Longhua project is currently under construction with pre-sales released to market in Nov 2009. Phase four is in planning stages and expected to be released to the market in the first quarter of 2010.