News: Investor Sentiment For Battersea Project Still Strong

Jun 26, 2019

Investor sentiment remains strong for the Malaysian-backed Battersea Power Station (BPS) redevelopment project despite the Brexit woes. In fact, the BPS project residential sales reached £120 million (RM634 million) with a combined gross development value of £9 billion (RM47.1 billion) for eight phases.

Battersea Power Station Development Co Chief Financial Officer Benn Zemek noted that investors still want to make long-term decisions for the project given the strength of London’s long-term foundation,  reported The Star.

“What we can’t control is the macro environment, but what we can control is the micro condition. As we get closer to the completion date, you only see real estate prices outperforming on this site.”

“For those people who are looking past the macro conditions, no matter what happens regarding Brexit, London will always outperform,” he added.

Should Brexit push through by 31 October, Zemek believes the project would still gain from the expected currency depreciation, attracting the interest of overseas investors.

“There is a mixture of buyers and potential buyers from South-East Asia including Malaysia and Singapore backed by strong local demand,” he said.

Most buyers of BPS phase one were from Malaysia and Singapore, with the rest being local buyers.

Known as Circus West Village, phase one is home to around 1,000 people as well as 20 food and beverage outlets, while more than 95 percent of the commercial spaces are already leased.

BPS phase two, which is the heart of the 42-acre project and hosts the Battersea power station, will be accommodating 5,000 Apple employees with both residential and retail space set to be completed by 2021.

“Coupled with the demand for future Apple employees, we believe it will provide a synergy for both retail and residential in the future,” noted Zemek.

The BPS joint venture comprises SP Setia Bhd and Sime Darby Property Bhd, each of which owns a 40 percent stake, with the remaining 20 percent held by the Employees Provident Fund.

 

Image source from Evening Standard

 

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Leena .
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MAXXAN REALTY SDN. BHD
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