LONDON: The £8 billion redevelopment of the Battersea Power Station project, owned by the Malaysian consortium comprising the Employees Provident Fund, Sime Darby Bhd and SP Setia Bhd (SP Setia), is likely to be completed within eight years and much earlier than expected.
“On paper, it is expected to stretch over a period of 15 years, but our target is eight years,” said Tan Sri Liew Kee Sin, chairman of Battersea Power Station Development Co Ltd (Battersea Power Station Development), the development manager for the project.
“With SP Setia, everything is half the time,” said Liew, who is also the president and chief executive officer of SP Setia.
He was speaking to the Malaysian media prior to the recent launch of the UK sales programme for the first phase of the development. The consortium bought the 15.8-hectare Battersea Power Station site for RM1.99 billion in September last year.
He said the consortium’s ultimate goal is to enhance the value of the Battersea Power Station and ensure the proper construction of every residential and commercial unit. This, he added, includes, the power station’s restoration within the stipulated time.
“We believe the whole project to be worth £8 billion but who knows in eight years time, the value may be much higher,” he said.
Liew is confident of selling all 800 units of apartments, townhouses and penthouses planned in the first phase by April. This phase, known as Circus West at Battersea Power Station, has a gross development value of £900 million, and due for completion by 2016.
“We want Battersea Power Station to be an international centre for the global community. That’s why we are selling to buyers in London, Kuala Lumpur, Singapore and Hong Kong,” he said.
Asked if Battersea Power Station Development is eyeing another possible project, Liew said it would like to invest further, depending on the shareholders, but the priority now was the Battersea Power Station venture.
“You don’t run before you can walk properly. It has to be this way,” he added.
Earlier, Robert Tincknell, the chief executive officer of Battersea Power Station Development said phase two of the construction would start very soon, together with the external package of refurbishment works on the power station.
He said the company would appoint a new architectural team in the next couple of months to make the power station’s design even better than what currently existed.
“Hopefully, just before Christmas this year, we will launch the second phase of the Battersea Power Station. We will also bring on very quickly the third phase, which is similar to the first,” Tincknell added. — Bernama