KUALA LUMPUR, Jan 12 — The Malaysian joint-venture consortium for the £8 billion (RM38.9 billion) Battersea Power Station, which launched its local sales programme for the first phase today, is targeting to sell all 800 units by end-April.
The consortium comprises SP Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.
SP Setia chief executive officer Tan Sri Liew Kee Sin said the consortium had allocated 400 units for the Malaysian market and the balance for the Singapore and Hong Kong markets.
“For the London market, which was launched on Wednesday, we have allocated over 200 units and given the overwhelming response from the sales, we might consider revising it upwards,” he said at a press conference after witnessing the launch of the sales programme here by Minister of Housing and Local Government Datuk Seri Chor Chee Heung.
Liew said the official sales figure would only be released on Monday.
The London Borough of Wandsworth granted detailed planning permission for phase one of the Battersea Power Station development on December 13, 2012.
The Chancellor of the Exchequer confirmed the United Kingdom government’s support for a £1 billion loan and a guarantee to extend the Northern Line underground monorail to Nine Elms and Battersea Power Station.
“The £1 billion is for the full value of the project and with this backup from the British government, the monorail extension will be ready,” he said.
Confident that the consortium would benefit immensely, Liew said profits would only be recognised upon completion of the first-phase development in 2016.
Battersea Power Station Development Co chief executive officer Rob Tincknell said phase two of the development would involve transforming the 1.8 million square feet power station into a mixed development of retail, offices, leisure, restaurants and over 300 residential units.
The first phase of the project, named Circus West, has a gross development value of £900 million, a mix of 800 units of one-, two- and three-bedroom apartments, townhouses and penthouses, as well as a blend of offices, shops and leisure and hospitality facilities.
Prices start from £338,000 for a studio, £423,000 for a one-bedroom, £613,000 for a two-bedroom and £894,000 for a three-bedroom apartment while a penthouse unit would cost £6 million. — Bernama
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