A South African developer’s £110 million (R2.6 billion) bet on a luxury plot of land in London has turned sour, with the property changing hands at a discount that was one of the city’s steepest last year. It is likely to be even more painful for Zenprop when taking into account other costs, such as planning fees and interest charges. It has a gross development value of over £750 million, according to Knight Frank. A representative for Arora Group declined to comment, while Zenprop didn’t respond to requests seeking comment. Residential land values in London’s best districts fell 5% year-on-year in December, adding to a longer-term slump that began in 2016, according to data from Knight Frank.
