Cornerstone to launch London student accommodation

KUALA LUMPUR (Feb 26): Real estate investment consultancy Cornerstone International Properties is launching London Spring Place (LSP), a new phase of a London purpose-built student accommodation project, in Malaysia tomorrow despite the poor local economic sentiment.

Spokesperson of CSI Properties (Cornerstone International) Virata Thaivasigamony believes that purpose-built student accommodation is an ideal investment type as it has proven to be recession-proof and is the strongest performing asset class in the UK.

“The annual net yields of the segment is as high as 8%, compared with 4% and 2.5% for residential projects in Kuala Lumpur and London, respectively,” he said.

He added that LSP’s first phase was sold out within months when it was launched in Malaysia last year as more Malaysians are seeing the benefits of investing in UK student property, especially in light of the ringgit volatility, and local and global economic uncertainty.

“We saw a sharp increase in UK student property sales numbers compared with residential property in Malaysia. In 2015 alone, 73% of the company’s inventory sold to Malaysians was UK student property,” he noted. 

Cornerstone International Properties is the exclusive marketing agent for LSP in Malaysia. The two-phase project has a total 386 units (170 units in phase 2), with built-ups ranging from 157.37 sq ft to 256.19 sq ft. The units are priced from £63,750. 

LSP units come fully furnished, and amenities include a fully equipped gym, cinema room, communal study and games rooms, onsite laundry and high-speed WiFi in every room.

LSP Phase 2 will be pre-launched on Feb 27 and 28 in One World Hotel, Petaling Jaya and at the Education UK 2016 exhibition held in KL Convention Centre.

The official launch will take place on March 5 and 6 in Eastin Hotel Petaling Jaya and G Hotel Penang.

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