Remember the iconic Battersea Project by SP Setia and partners? My neighbour’s son, who’s about my age bought one unit! Sometimes I do wonder why some people can be so rich. Haha. Anyway, if you want to know my neighbour’s son is in the financial market, some positions with a global bank and should already be a senior manager today, based in Singapore. Now, for the latest update. The iconic London project of Battersea by SP Setia and co has started! The work to dismantle the current chimneys of the Battersea Power Station has started and this will be the first part of the redevelopment project.
According to a report in Londonist, the process would take five months. I do not wish to go into details but basically, after it has been dismantled, a replica will then be reinstalled. This will take another 6 months. As usual, with the replica, I think the maintenance work in future would be much lesser compared to having the original one there which is definitely much dirtier etc. Overall, the project will take twelve (12) years and the total development size is 15.6 hectare. (1.7 million sf)
So, has anyone bought a unit in the first phase? While I believe this project will be very successful, do be reminded that there has been many reports about London property market having bubbles. Thus, any investment must be followed by a thorough assessment of your own risk appetite. On a longer term, markets such as London or Singapore, due to it’s international participation would continue to do well. The risk would only be should slow down really do come or a sudden fall in prices, are you able to stomach it. If you are able, that’s good for the project. Do remember that even during the 2008 mortgage crisis, property prices in Penang hardly moved. I think at that time, most of the property owners were all those who can weather a storm. I have personal interest in this biggest project outside Malaysia by Malaysian companies. So, will update if any.
written on 6th Sept 2014
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