Eco World heads to London 12-acre development in pipeline

  • Nation
  • Sunday, 31 May 2015

KUALA LUMPUR: Eco World International is making its debut overseas with London City Island - a 12-acre residential development in Britain.

Eco World International will be developing Phase 2 of the residential project with UK-based Ballymore Group through a joint venture company Eco World Ballymore. Phase 1 had been developed and launched by Ballymore Group.

London City Island will be a residential neighbourhood which will include artisan restaurants, shops and al fresco spaces to show public art, design installations and host ad-hoc creative performances.

The launch of phase 2 will comprise two residential blocks with 417 units, which will have a gross development value (GDV) of £200mil (RM1.1bil).

Those two blocks, as well as the remaining four blocks which will be launched over the next few weeks, will collectively have a GDV of £614mil (RM3.4bil).

Construction will begin by the fourth quarter this year and be completed by 2017.

London City Island is linked to Canning Town station by a 79m bridge, giving the island quick access to Canary Wharf, the West End and the city.

“If all goes well with the subsequent launches of the remaining four blocks, we may begin construction for the third and fourth blocks at the same time,” Eco World International technical, planning and design head Tan Cheng Yong said.

About 80% of the first two blocks, or 417 units, were sold within a month to buyers from Malaysia, Singapore and London, he said. Phase 2 prices ranged between £375,000 (RM1.2mil) to £1.2mil (RM6.7mil) for one, two, three and four-bed units.

“We will launch one block in Hong Kong and China next week,” Tan said.

The English National Ballet will set up a centre in London City Island.

Eco World Ballymore said it had raised a financing package of £1.1bil for the development of the three projects. Financing will be provider by CIMB Bank Bhd and Maybank Investment Bank Bhd.

Eco World Ballymore chairman Tan Sri Liew Kee Sin, who has been the driver for the Battersea Power Station redevelopment project, said: “We have invested all over the world, but I truly believe London is the right place to invest.”

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Property , EcoWorld


Next In Nation

No running away: 50 Klang joggers issued compound notices for violating MCO
Cops nab eight motorcyclists in Alor Setar for various traffic offences, violating MCO
Penang cops arrest another suspect in probe into break-in at MBPP mayor's official residence
Cops raid brothel, detain 19 on Sunday (June 13) night
Malaysia-born science journalist Ed Yong wins 2021 Pulitzer Prize
Join feng shui consultant Datuk Joey Yap on Maxis Business Spark Engage (June 16)
Employers to pay for jabs
Trade unions hail Pikas, want to meet Miti over costs fears
Malaysia working on two vaccines for Covid-19
Post-Covid-19 strategies to be presented to National Security Council

Stories You'll Enjoy