By EUGENE MAHALINGAM
eugenicz@thestar.com.my
eugenicz@thestar.com.my
Phase
one launched: Battersea Power Station Development Co Ltd CEO Robert Tincknell
indicating on the projected image where the first phase of the project will be
carried out by the Battersea Power Station, S P Setia Bhd, Sime Darby Bhd and
the Employees Provident Fund consortium at a media conference after it was
launched in London.
LONDON:
The Malaysian consortium comprising property developers SP Setia Bhd, Sime
Darby Bhd and the Employees Provident Fund (EPF) have officially launched the
first phase of its £8bil (RM40bil) Battersea Power Station project.
The
first phase, which is named Circus West at Battersea Power Station, has a gross
development value (GDV) of £900mil (RM4.5bil).
Battersea
Power Station Development Co Ltd (BPSDC) chief executive officer Robert
Tincknell, on behalf of the consortium, said he was “quietly optimistic” about
the take-up for the residential units.
“We’re
confident. There’s a lot of pent-up demand for these apartments, especially
from Londoners,” he told Malaysian reporters prior to the launch of the first
phase yesterday.
BPSDC
is the company that is managing the Battersea Power Station project.
Tincknell
said options to purchase would first be given to British buyers, before they
were offered to selected countries within Asia.
opportunity to you
“We’ve
allocated a number of units to certain markets but it will be flexible. We
start in London and then we’ll be in Malaysia over the weekend.
“The
following weekend we will be in Singapore and the week after that, we’ll be
going to Hong Kong,” he said.
He
said BPSDC was optimistic about interest from Malaysian buyers. “There’s a huge
following in Malaysia,” said Tincknell.
The
first phase of the project will comprise a mix of 800 units of one, two and
three-bedroom apartments, townhouses and penthouses as well as a blend of
offices, shops, leisure and hospitality units. Construction is expected to
commence in the second half of this year.
Prices
start from £338,000 for a studio, from £423,000 for a one-bedroom, from
£613,000 for a two-bedroom and £894,000 for a three-bedroom apartment as well
as from £6mil for the penthouse units.
Citing
residential value growth projections by Knight Frank Research, he said
residential units for Battersea Power Station was expected to record an average
growth of 6% per annum.
The
first phase of the Battersea Power Station project will consist of 990,000 sq
ft of residential space and 110,000 sq ft of commercial space.
“We
haven’t begun marketing the commercial space yet,” said Tincknell.
The
first phase will also involve the refurbishment of the Battersea Power Station,
which itself will take an estimated 18 months to complete.
“These
would include the replacement of the power station’s four chimneys and
strengthening of the work towers,” said Tincknell.
He
said the refurbishment of the power station was expected to cost £60mil
(RM300mil).
“Funding
for the refurbishment is being secured,” he said, adding that the entire first
phase was expected to be completed by 2017.
SP
Setia, Sime Darby and the EPF purchased the 39.5-acre Battersea Power Station
site for RM1.99bil in September last year.
Both
SP Setia and Sime Darby have an equal stake of 40% each in the project, with
the EPF holding the remaining 20%.
Tincknell
said the entire project was expected to be developed over eight phases and
should be completed within the next 14 to 15 years.
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