London Landmark to be Revamped by Malaysian Developers

While many developers have tried to get their hands on London's Battersea Power Station over the years, it is the Malaysians that have now secured the project...

While many developers have tried to get their hands on London's Battersea Power Station over the years, it is the Malaysians that have now secured the project. The landmark has been the backdrop for Alfred Hitchcock's Sabotage and the cover art for Pink Floyd, but it now looks set to be transformed into a 39-acre complex of apartments, shops and offices.

In a GBP 8 billion project, Europe's largest brick building will no doubt be turned into a site worthy of much property investment interest, as buyers capitalise on the doubtless clamour for real estate that will ensue once the redevelopment is complete, particularly from the capital's hipsters looking for their own piece of cultural history.

A spokeswoman told the Daily Mail that Battersea Power Station is just one of many developments taking place in the area. Programme director Helen Fisher added that the scheme is to be centred around One Nine Elms, with the construction of 1,000 homes already beginning. To cope with demand, Transport for London is also planning to build new underground stations at the sites and a consultation is already underway.

With so much development taking the place in the area, it appears to be a prime candidate for those seeking long-term investments. Business is increasingly heading out of central London and boroughs such as Battersea are starting to take centre stage.

What's more, the power station project isn't the first to attract the attention of the Malaysians and over recent years many have been targeting projects in London for development. The Financial Times reported that that Asian investment funds, excluding Indians, have totalled some GBP 2.4 billion in the centre of the capital so far this year. This is nearly four times greater than the amount invested by Asians in 2010. Among those properties obtained by these new markets are skyscrapers, Art Deco newspaper offices and development land on the fringes of the city. Demand has now become such that London is the world's most coveted property market.

- Tuesday 27 November 2012

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