Felda launches apartments in London

KUALA LUMPUR: Felda Investment Corp (FIC) UK Properties last Thursday launched the Grand Plaza serviced apartments, a London asset it acquired on Sept 4 for £98 million (RM496.3 million).

It was launched by Federal Land Development Authority chairman Tan Sri Mohd Isa Abdul Samad.

“The serviced apartments are ranked number one by Google search and sales are done 75% online,” Mohd Isa said in a statement issued from London.

He said the serviced apartments were equipped with self-catering facilities, such as cooking and washing facilities to suit longstays.

Since FIC owns it, all food served would be halal, via its Grand Plaza Bistro that serves an English breakfast as well, he added.

Residential Land sold the freehold Grand Plaza serviced apartments to FIC UK Properties, a subsidiary of Felda.

Grand Plaza is one of London’s largest serviced-apartment buildings, containing 198 apartments across 13 period stucco fronted buildings over 105,044 sq ft.

Strategically located near the Bayswater subway station, it has an average occupancy rate of 90% every month.

Mohd Isa said the serviced apartments frequently received guests from Australia, Canada and the Middle East.

“It is certainly the attraction for those who need independence and catering flexibility of their own home, together with the comfort and service of a four-star hotel,” he said.

Grand Plaza, under its existing management, won the gold circle award from agoda.com in 2011. — Bernama


This article first appeared in The Edge Financial Daily, on September 23, 2013.