Developers defend sale of unbuilt homes to Far East

The opposition parties at City Hall have called on the mayor to back tighter controls on residential sales to overseas buyers. Galliard Sales Director David Galman said 70% of properties at Royal Gateway had been sold to domestic buyers.

David Galman said "off-plan" sales were an essential part of persuading banks to fund a development before building work could start.

Galliard Homes took out a newspaper advert today urging house-hunters to "Call now prior to Hong Kong launch this weekend".

Flats in the 336-apartment Royal Gateway development range from a £299,000 studio to a £715,000 3-bedroom duplex.

One of the London's largest housing developers has defended the sale of unbuilt homes to investors in the Far East. Galliard Homes has just marketed a new residential project in East London to prospective buyers in the UK and Singapore simultaneously.