Phat flat: Hedge funder nears deal for $153M London penthouse

Billionaire Suneil Setiya in talks to buy 14K sf unit at One Hyde Park

National Weekend Edition /
Mar.March 06, 2021 02:00 PM
Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)

Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)

Hedge fund billionaire Suneil Setiya is said to be in talks to buy a massive London penthouse for around $153 million.

The 14,000-square-foot unit that the Quadrature Capital founder is eyeing is located in the luxury residential complex known as One Hyde Park, according to Bloomberg. The unit has no internal walls and is completely unfinished, making its price tag all the more jaw-dropping. The deal would be one of the priciest residential sales to close in the United Kingdom, and the fourth largest to close above 100 million pounds in the last year or so, according to the report.

Billionaire Cheung Chung Kiu spent 210 million pounds on a massive estate in Hyde Park early last year. And in November, an unknown buyer spent 147 million pounds  on three units at No. 1 Grosvenor Square, a former U.S. embassy in the city.

The would-be seller of the One Hyde Park property is Hasan Ismaik, former CEO of Dubai-based construction firm Arabtec Holdings. Arabtec went into liquidation last year.

One Hyde Park sits across from its eponymous park in Knightsbridge. It was developed by Christian Candy’s CPC Group and a company controlled by former Qatar Prime Minister Sheikh Hamad bin Jasim bin Jaber Al Thani and completed in 2009. There are 86 residential units and three retail stores.

Candy’s brother, Nick also owns a penthouse at the complex, which is valued at 160 million pounds.

Overall, London home prices keep ticking up. The average price of a home in the city rose nearly 10 percent between November 2019 and November 2020, to about 514,000 pounds, or just over $700,000. Demand has also been high during the pandemic for properties in suburban and rural areas that offer space and privacy.

[Bloomberg] — Dennis Lynch


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