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.”