Buyers from Far East give Telford Homes lift

A three-week sales tour of the Far East has paid dividends for Telford Homes as buyers in Kuala Lumpur, Hong Kong and Singapore snap up flats in trendy Shoreditch.

The east London housing specialist has already sold two-thirds of the 257 flats in its 25-storey Avant-garde development more than two years before building work is due to finish.

Overseas buyers account for 120 sales so far, chief executive Andrew Wiseman said. Telford underlined its bullishness with a 25% dividend hike today.

The firm switched to lower margin social housing during the recession - causing a 59% fall in pre-tax profits to £3 million in the year to March - but expects profits to recover strongly in 2013 as the impact of new developments feeds through to results.

"Significant growth in both output and margin is expected in future years," Wiseman added.