Eco World International Bhd (EWI) is set to launch the new phases of its three London projects this year after it recorded nearly £850 million (RM4.9 billion) in sales from these developments.
“We strongly believe in the United Kingdom market. We believe there is a lot of potential for us in London and for Malaysian investors in the UK market,” said Tan Sri Liew Kee Sin, Chairman of Eco World Ballymore Holding Co Ltd.
EWI, helmed by property mogul Liew, owns a 75 percent interest in Eco World Ballymore while UK-based Ballymore Group holds the remaining 25 percent stake in the joint venture.
Notably, the JV firm is building three huge residential projects in the UK’s capital. With a total gross development value (GDV) of £2.5 billion (RM14.53 billion), these are Embassy Gardens, Phase 2 of London City Island and Wardian London.
Located at the centre of Nine Elms, the £957 million (RM5.56 billion) Embassy Gardens celebrated the topping out of Legacy Building 1 on Monday in a ceremony attended by Prime Minister Datuk Seri Najib Razak.
The 2.3ha project will consist of 709 private residential units and 163 affordable houses across three blocks (Legacy Building 1, 2 and 3) which range from 23 to 25 storeys.
As of 31 January 2016, Embassy Gardens generate £120.8 million (RM701.88 sales following its launch in September 2015. The sales were from Legacy Building 1, which offers 197 units, while Legacy Building 2 will be released in 2H 2016, said EWI’s CEO Heng Leong Cheong.
Its construction started in January and the project is targeted to be completed by 1H 2019.
As for London City Island Phase 2, it recorded £273.9 million (RM1.59 billion) in sales as of January 2016 since it was unveiled in May last year.
The development will feature six apartment blocks ranging from 12 to 27 storeys that contain 1,130 private residential units and 15 low-cost homes. Construction of the first two residential blocks began in October 2015, with completion scheduled by 1H 2018.
Meanwhile, Wardian London garnered £186.4 million (RM1.08 billion) in sales as of January 2016 after making its market debut in September last year.
Situated in the London Borough of Tower Hamlets close to Canary Wharf, the £580 million (RM3.37 billion) project will consist of 624 private residences and 140 affordable homes across two buildings, the West Tower and the East Tower. The former’s construction started in 1H 2016 and both blocks are expected to be completed in 2H 2019.
Image: Sourced from Starproperty.my
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
