Brexit and Malaysian developer’s views

Nope, the dust has not settled. Just look at all the RED coloured screens for the stock market and the currency. In fact it was reported in many medias that the fear of Brexit wiped US$2 trillion worth of value from world markets. This is what I thought about Brexit vs Bremain.  The Pound dropped the most within the past 30 years. I think all the rational people must now start analysing facts and sharing objective views. This is not the time to pour even more negative comments. Below are the views from Malaysian developers with projects in the UK. I think their points are valid as of now because there has been no significant changes yet. Let’s look at some of them, published in The Star just one day after Brexit referendum completed.

Eco World International executive vice-chairman Tan Sri Liew Kee Sin said, “Britain is still a hugely important economy in Europe with highly principled, professional and competent leaders.” In other words, it is confident of its London’s projects to continue to do well. They include London City Island (Phase 2) in East London, Embassy Gardens (Phase 2) in Nine Elms and Wardian London facing Canary Wharf. In fact a weaker pound may be pounced upon by Eco World’s Malaysian, Singa­porean, China and Hong-Kong as it is now cheaper to buy.

Liew said the few key reasons why people love London properties remain unchanged. They include transparency of laws, security, ease of ownership and London’s attraction as a global educational, cultural, and tourism hub were still intact. I think I have to agree because with or without Brexit, if my daughter is a university student today, Britain remains my top choice.

SimeDarby issued a press statement as follows:  “We are confident the iconic development will continue to generate interest in the longer term, and London will continue to remain a key investment destination and financial centre”

Eastern & Oriental Bhd (E&O) managing director Datuk Seri Terry Tham said “Our UK projects are underway and are expected to progress as planned.” Its projects include Prince House along Kingsway, comprising private residential apartments, service apartments and retail, as well as ESCA House, a small-scale conversion project of offices into 26 private apartments. Others are Thames Tower and Landmark House at Hammersmith, which it acquired in 2015 and still going through planning process.

Property consultant Knight Frank Malaysia managing director Sarkunan Subramaniam said that he is confident that once all the news have been digested, stability would return to the market. I think he is absolutely right. As soon as people realise that whatever happens need a lot more time than just 48 hours, they can react more rationally. Currently, many are still extremely uncertain as there are conflicting reports all overt the internet. So, do I believe the developers’ views? I choose to say, I do. Happy reading more of all these conflicting views and then have a view please.

written on 26 June 2016

Next suggested article:   London housing shortage, Eco World adds 2,773 units

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