By Sharen Kaur
Published in NST on January 14, 2014
Published in NST on January 14, 2014
KUALA LUMPUR: SP Setia president and chief executive officer, Tan Sri Liew Kee Sin says the STG8 billion Battersea Power Station redevelopment in London will be used as a vehicle by its three owners to invest in other parts of Europe, including Great Britain.
"It is not easy for three giants to work together, but we will make sure our objectives are achieved, not just in terms of improving our bottomline, but to use it as a vehicle to invest in other parts of Europe, including London," Liew said.
SP Setia and Sime Darby said profits from the Battersea Power Station redevelopment will be recognised in fiscal year 2016, as the companies employ the completion method of accounting for profit.
"The accounting system is different in London where we can only recognise profits from the sale of properties, after handing them over to buyers upon completion," Liew said at the launch of Phase One of the project here on Saturday.
Battersea Project Holding is targeting to sell all the units by April this year. Construction will commence in the second half of this year and the units will be ready and handed over to buyers in 2016.
Liew said Battersea Project Holding has secured funding for the entire project but he declined to elaborate further.
"We have the funding structure in place. The UK government has also offered a STG1 billion loan and guarantee to extend the Northern Line and build an underground tube right up to Phase One. This will further add value to the project," Liew said.
Sime Darby Property managing director and chairman of the executive committee, Battersea Project Holding, Datuk Abd Wahab Maskan is bullish on the project.
He added that although profits will be recognised in 2016, sales and expenditure from the project will be accounted for, starting this year.
"Sime Darby and SP Setia have been working hard to get this historic project off the ground quickly. We are happy with the pace of the progress so far, which demonstrates the strong capabilities of both our UK and Malaysian team," he said.
Employees Provident Fund (EPF) chief executive Tan Sri Azlan Zainol is confident that the joint venture will deliver results with the successful launch of the project within four months after completing the acquisition of the site.
"At EPF, we are always on the lookout for good investment opportunities in the interest of our members' retirement well-being," he said.
"It is not easy for three giants to work together, but we will make sure our objectives are achieved, not just in terms of improving our bottomline, but to use it as a vehicle to invest in other parts of Europe, including London," Liew said.
SP Setia and Sime Darby said profits from the Battersea Power Station redevelopment will be recognised in fiscal year 2016, as the companies employ the completion method of accounting for profit.
"The accounting system is different in London where we can only recognise profits from the sale of properties, after handing them over to buyers upon completion," Liew said at the launch of Phase One of the project here on Saturday.
Liew said Battersea Project Holding has secured funding for the entire project but he declined to elaborate further.
"We have the funding structure in place. The UK government has also offered a STG1 billion loan and guarantee to extend the Northern Line and build an underground tube right up to Phase One. This will further add value to the project," Liew said.
Sime Darby Property managing director and chairman of the executive committee, Battersea Project Holding, Datuk Abd Wahab Maskan is bullish on the project.
He added that although profits will be recognised in 2016, sales and expenditure from the project will be accounted for, starting this year.
"Sime Darby and SP Setia have been working hard to get this historic project off the ground quickly. We are happy with the pace of the progress so far, which demonstrates the strong capabilities of both our UK and Malaysian team," he said.
Employees Provident Fund (EPF) chief executive Tan Sri Azlan Zainol is confident that the joint venture will deliver results with the successful launch of the project within four months after completing the acquisition of the site.
"At EPF, we are always on the lookout for good investment opportunities in the interest of our members' retirement well-being," he said.
No comments:
Post a Comment