Sime Darby to kick off Battersea renovation project
Malaysia’s palm oil giant Sime Darby with partner SP Setia, a large property developer, on July 4 will start with construction works on the iconic Battersea Power Station in London, a building they together with Malaysia’s Employees’ Provident Fund bought in 2012 for around $600 million, beating out bidders such as Russian billionaire Roman Abramovich.
The complex, a former coal-fired power station decommissioned in 1983, in the first phase will be transformed in to a residential and retail complex with 860 apartments. Over 95 per cent of the first phase were sold in a matter of days to local and foreign investors, which made it one of the fastest selling development projects in London’s history.
The deal also caught attentions because it marked the first venture of a Malaysian consortium into the London property market. Sime Darby reckons that the value of the property, once fully developed by 2024, will be worth around $12 billion, twice the current value of bilateral trade between Malaysia and the UK. The development project will create 25,000 jobs.
Malaysia’s Prime Minister Datuk Seri Najib Tun Razak, who currently is on a state visit to the UK, and his British counterpart David Cameron are expected to be present at the ground-breaking ceremony on July 4.
Battersea Power Station is the largest brick building in Europe and is notable for its original, lavish Art Deco interior fittings and decor. It had long become a landmark and had several cultural appearances, most notably on the cover of Pink Floyd’s 1977 album Animals and in the movie Help by the Beatles. The power station was built by the London Power Company between 1929 and 1933.
[caption id="attachment_11738" align="alignleft" width="300"] Artist's impression of the future Battersea residential complex[/caption] Malaysia's palm oil giant Sime Darby with partner SP Setia, a large property developer, on July 4 will start with construction works on the iconic Battersea Power Station in London, a building they together with Malaysia's Employees' Provident Fund bought in 2012 for around $600 million, beating out bidders such as Russian billionaire Roman Abramovich. The complex, a former coal-fired power station decommissioned in 1983, in the first phase will be transformed in to a residential and retail complex with 860 apartments. Over 95 per cent of the...
Malaysia’s palm oil giant Sime Darby with partner SP Setia, a large property developer, on July 4 will start with construction works on the iconic Battersea Power Station in London, a building they together with Malaysia’s Employees’ Provident Fund bought in 2012 for around $600 million, beating out bidders such as Russian billionaire Roman Abramovich.
The complex, a former coal-fired power station decommissioned in 1983, in the first phase will be transformed in to a residential and retail complex with 860 apartments. Over 95 per cent of the first phase were sold in a matter of days to local and foreign investors, which made it one of the fastest selling development projects in London’s history.
The deal also caught attentions because it marked the first venture of a Malaysian consortium into the London property market. Sime Darby reckons that the value of the property, once fully developed by 2024, will be worth around $12 billion, twice the current value of bilateral trade between Malaysia and the UK. The development project will create 25,000 jobs.
Malaysia’s Prime Minister Datuk Seri Najib Tun Razak, who currently is on a state visit to the UK, and his British counterpart David Cameron are expected to be present at the ground-breaking ceremony on July 4.
Battersea Power Station is the largest brick building in Europe and is notable for its original, lavish Art Deco interior fittings and decor. It had long become a landmark and had several cultural appearances, most notably on the cover of Pink Floyd’s 1977 album Animals and in the movie Help by the Beatles. The power station was built by the London Power Company between 1929 and 1933.
