Phase 2 of Battersea to be launched by year end

By Sharen Kaur
Published in NST on January 14, 2013

KUALA LUMPUR: Battersea Project Holding Co Ltd (BPHCL) aims to launch phase two of the STG8 billion Battersea Power Station redevelopment in London, featuring properties worth not more than RM4 billion, by the end of this year.

Battersea Power Station is a decommissioned coal-fired power station located on the south bank of the River Thames, in Battersea, an inner-city district of South West London. It comprises two individual power stations, built in the 1930s, and which were decommissioned in the 1980s.

It was reported that renovation will began soon on the power station, costing around STG60 million.

Phase two will comprise 300 luxury residences which will be built on the roof top of the power station, food and beverage outlets, as well as retail and leisure units, said BPHCL chairman Tan Sri Liew Kee Sin.

"We hope to launch phase two this year, but will look at the timing because the longer we hold them, the greater the value. We expect demand to exceed our phase one supply," said Liew, who is also president and chief executive of SP Setia Bhd.

BPHCL is 40 per cent owned by SP Setia and Sime Darby Bhd respectively, and 20 per cent by the Employees Provident Fund (EPF).

The London-based company is the project owner of the Battersea Power Station redevelopment, which is the largest Malaysian property development outside the country.

SP Setia, Sime Darby and EPF bought the 15.8ha Battersea Power Station site for RM1.99 billion in September last year. The project will be developed in eight phases over the next 14 to 15 years.

Phase One of the project, named Circus West, was launched last Thursday in London and in Kuala Lumpur on Saturday.

Circus West comprises 800 units of apartments as well as offices, retail shops and restaurants across eight buildings, worth a total of STG1 billion.

According to Liew, BPHCL has allocated 200-odd units for sale in London, 400 in Malaysia and the rest for Singapore and Hong Kong.

"You won't go wrong investing in London. If you look at the world economy, London is very vibrant. It is a good opportunity for Malaysians and people around the world to buy the apartments for their children' s education," Liew said at the launch.

Circus West was launched by Minister of Housing and Local Government Datuk Seri Chor Chee Heung at the Setia International Centre here.

The studio, one-, two- and three-bedroom apartments and penthouses are priced from STG338,000, STG423,000, STG613,000, STG894,000 and STG6 million respectively.

"We are targeting to sell all the units by April this year," Liew said.

He said construction will commence in the second half of this year and buyers will be able to occupy their units in 2016.