Savills Singapore and Knight Frank is proud to offer The  OWO for sale, a highly-anticipated 760,000 square feet development located in London’s historic Whitehall, SW1. The OWO will complete in spring/summer 2023, the new landmark destination will include a 120 key 5* Raffles Hotel, 11 restaurants  & bars, a wellness spa and 85 Raffles branded residences. Prices for a two-bedroom  residence will start from £7.1 million.

World-renowned Raffles Hotels & Resorts has a reputation for providing unparalleled  luxury experiences, and this partnership will undoubtedly set a new benchmark for  luxury living in London. The partnership between the Hinduja Group and Raffles  Hotels & Resorts means residents and guests will have the exceptional service  hallmarks that the Raffles brand is renowned for, including gracious and intuitive  staff, personalized attention, and a timeless ambience. The OWO promises to be a  stunning addition to London’s luxury property market.

The Old War Office, one of London’s most iconic landmarks, has undergone a six year transformation to become The OWO. Sales of the branded The OWO  Residences began in mid-2020 and have generated consistent interest from Asian  buyers who are attracted to the rarity of the offering, the landmark building’s  unparalleled historical significance, its central London location, and the level of  exclusive service provided by Raffles Hotel. The lifting of travel restrictions for Hong  Kong and mainland China residents is expected to further boost Asian interest in the  project.

Jacqueline Wong, Savills Singapore, Head of Residential Services comments,  “Savills Private Office is delighted to present this rare and unique offering for buyers  to own a piece of history. Having been there in person, the sublime finishes at The  OWO Residences are unparalleled and best in class. This coupled with partnering  Raffles Hotel makes the opportunity to live here, truly one of a kind. The location is  unrivalled with St. James Park, Buckingham Palace, The House of Lords and Horse  Guards Parade all within minutes’ walk. This means that residents are truly living in  the heart of London, within an area rich in history. More significantly, the large  apartment sizes (above 200sqm) will be a rarity in time to come, hence elevating the  appeal and value of this asset. The lack of Super Prime supply in London over the

next five years, means The OWO Residences presents an opportunity for buyers to  own an asset that will become finite in supply.”

Victoria Garrett, Head of Residential, Knight Frank Asia-Pacific comments, “Knight Frank is hugely excited to bring to the market the OWO residences which will  be the first-ever Raffles-branded residences with the first-ever Raffles Hotel in the  United Kingdom with a collection of 11 restaurants and bars and 85 Raffles Branded  Residences (up to 5 bedrooms) which comes up at a perfect time especially after  pent-up demand following the pandemic, resulting in buyers looking for a  combination of luxury, convenience and old-world charm. According to Knight  Frank’s Branded Residences Report 2022, around 43% of prime Asian buyers (39%)  would be willing to pay a premium for a branded residence with service provision and  physical amenities being the key motivator, followed by high investment potential.

“Raffles Hotels & Resorts is a chain of British colonial-style luxury hotels which  traces its roots to 1887 with the opening of the original Raffles Hotel in Singapore  founded by the Armenian hoteliers, Sarkies Brothers and named after Singapore’s  founder Sir Stamford Raffles which amalgamates both resonance and luxury  perfectly for particularly Singaporean buyers.” Garrett adds.

Charlie Walsh, Head of Sales at The OWO Residences by Raffles comments,” We  very much look forward to welcoming prospective Asian buyers and guests to London  following the lifting of travel restrictions.”

“The enduring appeal of the capital from both an investment and lifestyle perspective,  together with the uniqueness of the residential offering at The OWO, has meant that  international buyers have continued to show very strong interest in the project even  during the pandemic years, with virtual tours and CGIs helping to showcase the  building and the 85 residences. However, nothing compares to visiting this incredible  site in person, when one can witness the astounding restoration that has been carried  out and truly appreciate the lifestyle that will be delivered at The OWO, set to become  London’s most exciting new destination and residential address,” Walsh adds.

The OWO will also become a culinary destination in the heart of Whitehall, central  London, featuring nine restaurants and three bars, including three dining experiences  led by Michelin-starred chef Mauro Colagreco, marking his London debut, and Italian  all-day dining concept by Papermoon. (Further restaurants are soon to be announced.)

The OWO has also recently announced the project’s partnership with world-leading  beauty and wellbeing brand GUERLAIN and movement and nutrition experts PILLAR,  who will be leading the spa and wellness centre at The OWO.

The Grade II listed Old War Office, originally completed in 1906 by British architect  William Young, is steeped in history. Formerly the site of the original Palace of  Whitehall, home to royalty between 1530 – 1698, the Old War Office has witnessed  world-shaping events whilst influential political and military leaders including Winston  Churchill and David Lloyd George held office. It was also John Profumo’s base when  he was Secretary of State and inspired Ian Fleming to write the James Bond series  after working for Britain’s Naval Intelligence Service and spending time in the building.

Its grand architecture has made the building a dramatic location in a number of the  Bond films, and more recently The Crown drama series.

The OWO directly faces Horse Guards and lies within easy walking distance of the  capital’s highlights. Residents, hotel guests and visitors will be just a short stroll from  Buckingham Palace, The National Gallery, The Tate, The Royal Academy, St James’  Park, Embankment and South Bank, as well as the sought-after shopping streets of  Regent Street, Bond Street and Jermyn Street.

At the helm of The OWO project is the Hinduja Group, an international multi-billion  group founded in 1914. They have engaged a team of experts including English  Heritage, MOLA (Museum of London Archaeology) and EPR Architects to oversee the  intricate redevelopment. The hotel interiors will be designed by New York-based  designer Thierry Despont, and the residences designed by award-winning interior  architects 1508 London. The OWO has recently unveiled the first completed show  residences within the building, designed by leading British interior design studios  Albion Nord and Angel O’Donnell.

Global construction consultancy, Linesight, has released new data revealing commodity prices for the final quarter of 2022 remained elevated with upward pressure expected through 2023 on some key commodities. Despite ongoing inflationary challenges amid a slowing global economy, construction activity in Singapore is resuming and progressing at a steady pace. While some commodities such as lumber and steel will trend downwards in the short-term, there will be upward pressures in later quarters as recovery builds momentum and prices react to strengthening demand. The findings are part of Linesight’s Q4 2022 Singapore Commodity Report.

Following a substantial decline in Q3 2022, copper prices were volatile in Q4 2022 and increased by 13.8%. Global copper demand is expected to strengthen in 2023 as it begins to experience the full effects of China’s reopening and the country’s significant investments in construction in late 2022. Domestic copper prices are expected to rise considerably in the longer term driven by the financing of green public infrastructure projects.

Weak residential construction and soft infrastructure output have influenced a marginal fall in steel and lumber prices in Q4 2022 and this trend is projected to continue into Q1 2023, decreasing by a further 1%. As we look ahead into 2023, works on several large civil engineering projects and the resumption of public residential construction will pose a considerable upside risk to the price outlook.

At a sectoral level, data center activity in Singapore has been impacted by the recent moratorium, with a rising number of developers and owners assessing the market position and starting to look at other Southeast Asia locations in more detail. It is expected the construction output of semiconductor facilities will also be affected as a result of recent movements within the US market to boost domestic semiconductor manufacturing. While many sectors continue to face uncertainty, the life sciences industry has continued a growth trajectory since the pandemic threw its importance into sharp focus. Manufacturers are increasingly basing headquarters in Singapore as the country develops into a hub for this flourishing industry.

Michael Murphy, Director at Linesight Singapore, said: “Despite a challenging environment, the Singapore construction sector is showing resilience and there is optimism for increased output driven by the recommencement of halted infrastructure projects and the government’s commitment to complete all delayed housing projects by H1 2025. Adopting a more strategic approach to supply chain management and exploring opportunities for modern methods of construction are key strategies for clients to adopt to help mitigate risks.”

You may access the full report here.