LONDON: The first phase of the Battersea Power Station development, known as Circus West, went on sale yesterday for British buyers, while a sales launch in Malaysia has been planned for Saturday.
A preview for pre-registered applicants was held yesterday, where potential purchasers were invited to Battersea Power Station to review the masterplan by United States-based architect Rafael Vinoly.
These individuals will have an opportunity to purchase residential apartments at Circus West.
Battersea Power Station Development Co (BPSDC) CEO Rob Tincknell told the media that the gross development value of the first phase is expected to be around £900 million (RM4.37 billion).
Situated on the western side of Battersea Power Station, 800 apartments, suites, townhouses and penthouses will be built across eight buildings over the first phase, with a total of 990,000 sq ft allocated for the residential properties.
Another 110,000 sq ft of space has been allocated for commercial properties.
Prices start from £338,000 for a studio, £423,000 for a one-bedroom apartment, £613,000 for a two-bedroom unit and £894,000 for a three-bedroom one.
The development of the first phase is expected to be completed in 2016 or 2017, together with completion of the refurbishment works on the iconic and dilapidated power station.
“This will be the last opportunity to own a new property in central London,” Tincknell said at a press conference prior to the sales preview.
He also noted that no other property in the Nine Elms regeneration area has the cultural significance of Battersea Power Station, as the decommissioned station itself has been hailed as a British icon with a Grade II listing and embedded in British pop culture.
The Battersea Power Station had seen multiple failed redevelopment attempts since the building ceased operations in 1982.
A consortium comprising Malaysian companies S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund successfully purchased the building for £400 million in September.
The consortium will hold a sales launch for Malaysian buyers on Saturday at the Setia International Centre in Kuala Lumpur.
Sales exhibitions in Singapore and Hong Kong will follow in the coming weeks.
This article first appeared in The Edge Financial Daily, on Jan 9, 2013.