Abu Dhabi Financial Group, an alternative investment company in the UAE, said one of its subsidiaries has sold a luxury flat overlooking Buckingham Palace in London for £20 million ($30 million).

Northacre, a UK-based luxury-apartment developer, is 70 per cent owned by ADFG. The company had bought the site next to Buckingham Palace for £310 million ($470 million) in 2013 and is now hoping to finish the construction in the next three years.

It has been given planning consent for a 302,377-sq-ft development, comprising 72 apartments and incorporating an existing Grade II listed building, reported the Guardian.

The company has sold 29 of the 72 luxury residences at No.1 Palace St. in the last six months, stated the report citing its chief executive.

The buyers are all from the Middle East, Africa, Russia and the US, including some from Silicon Valley, revealed Niccolo Barattieri di San Pietro. "It’s a mixture of old and new money," he stated without identifying the buyers.

"We aim to attract those who desire the best and who want a home in the heart of London. And it expects some of the larger flats in the development, called 1 Palace Street, to command even higher price tags," he added.

The Palace Street apartments near Queen Elizabeth II’s London residence fetched £2,950 to £5,000 ($4470 to $7577) per sq ft, said the report.