Local developers keen on London properties (Bernama) [July 2014]
KUALA LUMPUR: Malaysian developers are keen to tap the London property market with a handful of new players sizing up the market there.
Knight Frank Malaysia Sdn Bhd associate director, Herbert Leong, said these companies were looking for sites of less than two hectares which offered them the opportunity to regenerate the property.
“The developers are keen on central London and the real estate consultancy had brought a few companies for site inspection,” he said at a media briefing on the London property market, here, yesterday.
Leong said one of them was an infrastructure company eager to make a foray into the property sector.
“Many Malaysian companies want to divert their focus overseas, and London offers them a lucrative return despite the requirement of a huge capital investment,” he said
Among established developers with a foothold in London are SP Setia Bhd, Berjaya Group and Eastern & Oriental Bhd.
Meanwhile, Knight Frank Asia-Pacific Head of Research, Nicholas Holt, said East London was a rising area that developers and investors should look into.
“The ongoing large-scale redeve-lopment projects mean that in East London, such as Newham, Tower Hamlets and Greenwich boroughs, there’s demand for both new homes and jobs,” Holt said.
The Crossrail project, to be completed by 2018, was expected to boost the property prices in East London by 23 per cent, outperforming a 19 per cent rise of Greater London, he said.
The project, costing around
£15 billion (RM81.3 billion), is one of the most ambitious transport construction projects undertaken in London since the original underground was built over 150 years ago. Bernama
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Not surprising, as Malaysians do like London. Projects like Battersea Power Station and IJM Land's Royal Mint Gardens all sold very well.
Let's see what other developments there are in the future, from Malaysian developers.
Happy investing!
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