An artist impression of 100 Sydney Street. Courtesy of DCA
Singaporean firm City Developments Ltd (CDL) launched 100 Sydney Street in the sort after Chelsea location in the UK and two-thirds of buyers are Malaysians.
The modern and stylish development is 40 per cent sold and prices for the two to three bedroom apartments begin at £5.75 million, this was revealed by Dartmouth Capital Advisors (DCA) who work on behalf of CDL.
The boutique development comprises seven apartments and one penthouse.
DCA chief executive David Ashcroft said this illustrates the recent trend of strong interest in London residential property from Malaysia and renewed market confidence in the face of Brexit negotiations.
He said this comes a week after Foreign Secretary Dominic Raab visited Kuala Lumpur meeting Malaysian Prime Minister Tun Dr Mahathir to discuss investment and business links between the UK and Malaysia, which are already worth over £5 billion a year.
Iconic projects include the redevelopment of Battersea Power Station which showcases Malaysian investment in the UK and now the second-largest market in ASEAN.
Later this month, British company Smith+Nephew – one of the world’s leading manufacturers of medical devices – will be breaking ground on its first manufacturing plant in South East Asia in Penang, creating up to 800 new jobs over the next five years and giving a big boost to UK-Malaysia trade.
“We are excited by the prospect of significant international interest in our 100 Sydney Street development. Its prime location is ideal for those interested in taking advantage of London’s culinary and retail opportunities and its appeal to the Malaysian market so far is very promising. We expect this trend to be indicative of the global appeal we anticipate our apartments having," said Ashcroft.
Ashcroft believes the other reason why 100 Sydney Street is so popular with international investors, especially Malaysians, is the UK education system, which boasts some of the best establishments in the world.
He said this attraction can be seen in the 15,000 Malaysian students that chose British Higher Education in the 2017-2018 academic year. University College London (UCL) and Imperial College are large components of this, with over 450 Malaysian students apiece. Public schools surpass these numbers, with 671 students from Malaysia studying in Independent School Council (ISC) schools in 2018-2019.
According to the Higher Education Statistics Agency, 14,790 Malaysian students were enrolled in higher education in the United Kingdom from 2017-2018, the fifth most of any country (other than British nationals).
UCL has the second most of any university in the UK with 630 Malaysian students.
CDL, established since 1963 is a global real estate operating company with a network spanning 103 locations in 29 countries and regions. Listed on the Singapore Exchange, its income-stable and geographically-diversified portfolio comprises residences, offices, hotels, serviced apartments, integrated developments, and shopping malls.
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