Phase 3B of the Battersea Power Station will be launched this year

 By Sharen Kaur -  Published in NST Property on April 25, 2022

File photo of the Battersea Power Station project in Central London.

sharen@nst.com.my

This year, Sime Darby Property Bhd is set to launch phase 3B of the Battersea Power Station project in Central London.

Rizal Rickman Ramli, its non-independent and non-executive chairman said that the Battersea Power Station project shows promising prospects, with crowds returning to the development for the summer.

He stated in Sime Darby Property's integrated annual report 2021 that the group is looking forward to launching phase 3B of the joint-venture (JV) development.

Sime Darby Bhd, S P Setia Bhd, and the Employees Provident Fund (EPF) formed Battersea Project Holding Company Ltd (BPHCL) in July 2012 and purchased the iconic Battersea Power Station for £400 million.

Sime Darby and S P Setia each own 40 per cent of BPHCL, with the EPF holding the remaining 20 per cent. Sime Darby also serves as the venture's chairman.

Future phases of the Battersea Power Station project, according to Rizal Rickman, are currently being reviewed, guided by a flexible planning and development strategy.

He stated that Sime Darby is closely monitoring market trends in the United Kingdom, including London, and is learning from the experience of managing this massive investment for future business.

"Despite our sanguine mood for better prospects and opportunities in 2022, we are under no illusion that there are still uncertainties and challenges in the economy due to the rising inflation, geopolitical tensions, and the lingering impact of the prolonged Covid-19 pandemic.

"However, with the group's strong leadership, agile employees, and sound fundamentals, we are confident that our ability will enable us to navigate situations and challenges with sustained success. Overall, we are confident that we are on track to achieving our end goal of becoming a real estate company by 2025," he said.

The board is generally pleased with the progress made thus far, particularly in the fiscal year 2021, when Sime Darby Property achieved numerous tangible positive outcomes, including solid sales achievement, the highest-ever gross development value of new launches, and financial improvements across all business lines, Rizal Rickman said.