Songbird expects Olympics to bring its properties to world attention
Property group Songbird, which suffered a massive loss during the year to the end of December last year, has high hopes from the upcoming London Olympic Games.
Songbird, which controls London’s Canary Wharf development, announced that expects the Olympic Games to bring its high-end offices and homes to world’s attention.
The company said in a statement, “The Olympic games will place the East End and Canary Wharf at the forefront of the world’s attention, which is likely to enhance their respective profiles and emphasize the eastward shift of London’s centre of gravity.”
Songbird reported a loss of £217.4 million for the year ended December 31, against a huge profit of £464 million in the previous year.
The company is also planning to capitalize on the widely anticipated shortage of homes in the in the area, which is London’s second financial district, by building more homes.
Company Secretary John Garwood also revealed that the company was mulling over plans for a big marketing push to catch the attention of technology and media firms. Such a move will help the company remove its dependence on financial services.
Demand for high-end offices across the capital of the UK has slipped over the recent months, mainly due to broader economic uncertainties.