ARA DAMANSARA, 18 January 2018 – Battersea Project Holding Company Limited, a 40% associate company of Sime Darby Property Berhad, has approved the proposed transaction involving The Power Station building.
The proposed transaction is to reorganise the ownership of The Battersea Power Station’s Commercial Property under Permodalan Nasional Berhad (PNB) and Employees Provident Fund (EPF) who are long-term investors whilst Sime Darby Property and S P Setia are principally property developers. The Power Station’s Commercial Property represents Phase 2 of the enlarged Battersea Power Station rejuvenation project.
PNB and EPF expressed their interest to explore the transaction following strong progress made to date under Phase 2 with over 90% of residential units having been pre-sold and the letting of the entire office space in the Power Station Building (approximately 470,000 sq ft) to Apple.
The proposed transaction would provide increased certainty of investment return to Sime Darby Property and S P Setia as development partners earlier than would otherwise be the case and would enable both parties to focus on securing the development profit and investment returns from the remainder development in Phases 3 to 7 of the Battersea Power Station which is estimated to be completed in 2028.
The proposed transaction is subject to certain conditions which are to be satisfied, including but not limited to, PNB and EPF conducting and being satisfied with the results of the due diligence and the requisite approvals being obtained.
Overall, the BPS development is showing excellent progress. Residents started to move into Circus West, the first phase of the redevelopment of BPS, in early 2017 and continue to do so. Circus West Village, the neighbourhood centre for Phase 1 of the development, opened to the public shortly after, and since then more than 500,000 people have visited to enjoy the ongoing programme of events and the new shops and restaurants.
The Electric Boulevard (Phase 3), the main gateway to the entire development, will have 40 retail units and 10 cafes and restaurants. Apart from 1,218 new homes, there will be hospitality and high-end amenities.
For more information please refer to our announcement on the Bursa Malaysia website.
Updates on Sime Darby Property activities and developments can be found on simedarbyproperty.com, Facebook (facebook.com/SimeDarbyProperty), Instagram (instagram.com/SimeDarbyProperty) and the Sime Darby Property Mobile App (available for download via the App Store and Google Play).
About Sime Darby Property Berhad
On the back of a successful 45-year track record of developing sustainable communities, Sime Darby Property has to date built 23 active townships/developments with a global reach that encompasses assets and operations across the Asia Pacific region and the United Kingdom. In the UK, as part of a Malaysian consortium, Sime Darby Property is the developer of the iconic Battersea Power Station project in central London.
Sime Darby Property is a multiple award-winning property group with numerous local and international accolades. It is the first Malaysian property developer to be awarded the International FIABCI Prix d’Excellence Awards twice for its Subang Jaya and UEP Subang Jaya townships. The company bagged its 7th consecutive Gold at the Putra Brand Awards 2016 and its 5th consecutive Top 10 Developers Awards at the BCI Asia 2015. Sime Darby Property has also been recognised as among the top developers in Malaysia in the annual The Edge Top Property Developers Awards, a recognition which the company consistently receives since 2009.
For more information, log on to www.simedarbyproperty.com
Ahmad Shahriman Johari
Head, Corporate Communications
Sime Darby Property Berhad
Mobile: 019 – 333 8320