BPHCL completes buy of UK Battersea, see GDV at RM40b

KUALA LUMPUR (Sept 5): S P Setia Bhd and Sime Darby, in announcing that their joint venture (JV) firm Battersea Project Holding Company Ltd (BPHCL) had on Tuesday completed the acquisition of UK's Battersea Power Station, said they expect this project's gross development value (GDV) to be about RM40 billion.

In separate announcements to Bursa Malaysia, they said the property project, which comes with planning permission, will be a mixed residential and commercial/hotel development.

The estimated GDV for the project is close to £8 billion (RM39.4 billion) and the development period is about 15 years, they said in their filings late Wednesday.

The total net internal area of the project is 6.3 million square feet, of which close to 60% is residential. The planning permission allows a maximum of 3,266 private residential units, excluding the Battersea Power Station site where a further 175 units have been planned.

Both companies said BPHCL is targeting to launch the first phase of the development by the second quarter of 2013.

Phase 1 will consist of several residential buildings with a total of 800 apartments, retail shops, restaurants, gym, pool, spa, theatre and other facilities. The estimated GDV for Phase 1 is about £1 billion.

The companies said that it is too early to estimate details such as the cost of construction and profit projection.

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