Berkeley Group to launch two high-end projects in Kuala Lumpur

KUALA LUMPUR: UK-based Berkeley Group will be launching two high-end London residential projects in Kuala Lumpur this year. The Park Collection launches this weekend, and South Quay Plaza in mid-September.

“London has attracted investors all over the world who are looking to export their capital for future generations… where they can enjoy yield and great capital growth. It is a very safe place to invest your money,” Berkeley Homes South East London managing director Harry Lewis (pic) told The Edge Property after a press conference in Kuala Lumpur yesterday.

The Park Collection comprises 185 apartment units in three buildings — The Parkhouse, Odell House and The Kingly Building — which vary in scale from nine to 19 floors. The apartments have a built-up area ranging from between 520 sq ft and 1,100 sq ft and are priced from £437,500 (RM2.58 million).

The three buildings are scheduled for completion between end-2017 and the third quarter of 2018. The Park Collection is located in Woodberry Down, adjacent to Beis Chinuch Lebonos Girls School. It is a five-minute walk from the Manor House tube station on the Piccadilly Line.

The project is part of the group’s £1 billion, 64-acre regeneration project in Woodberry Down, which will offer a total of 5,517 new homes and more than 50,000 sq ft of retail space when completed.

In mid-September, Berkeley Homes will be launching Phase 1 of its high-end residential project called South Quay Plaza in Kuala Lumpur, with a UK launch on July 15.

South Quay Plaza will offer 888 residential units in two towers of 36 and 68 storeys. The project spans one million sq ft and will include cafes, shops and restaurants. The project is about 600m from the Canary Wharf underground station that runs on the popular Jubilee Line. Residents will also benefit from the Canary Wharf Crossrail station located adjacent to the underground station and due for completion in 2018.

South Quay Plaza is located in London E14 and has a gross development value of £650 million. Construction is scheduled to begin in January next year. Its first phase is expected to be completed in 2021, and the second and fi nal phase in 2022.

Citing data from a Jones Lang LaSalle Inc’s report, Lewis said the future Crossrail station and doubling of the workforce in Canary Wharf makes the prices on offer very attractive for investors. “You have the growth forecast which is very attractive of 37% over four years allied to a very good yield of 4%. Besides,
the project is a real jewel in the sky.”

Foster + Partners is the architect and interior designer for South Quay Plaza, which offers units with a built-up area of between 486 sq ft and about 2,500 sq ft. The starting price for a unit is £490,000.

JLL is the marketing agency for both projects.

This story first appeared in The Edge Property pullout, July 3, 2015, that comes with The Edge Financial Daily every Friday.