Battersea Power Station phase one goes on sale Thursday

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LONDON (Jan 9): Circus West at the Battersea Power Station development is set to go on sale on Thursday for British buyers, while the sales launch in Malaysia is on Saturday.

A preview for pre-registered applicants has been scheduled for 3pm local time today (11pm Malaysian time), at which potential purchasers are invited to Battersea Power Station to review the master plan by US-based architect Rafael Vinoly.

These individuals will have an opportunity to purchase residential apartments at Circus West at Battersea Power Station, also known as the first phase of the development project.

The general launch of the first phase of the Battersea Power Station development will take place on site on Thursday morning at 10am (6pm Malaysian time), followed by the sales launch for Malaysian buyers on Jan 12 at Setia International Centre. Sales exhibitions in Singapore and Hong Kong will follow thereafter in the coming weeks.

Battersea Power Station Development Company (BPSDC) CEO Rob Tincknell told the media that the gross development value of the first phase is expected to be around £900 million.

Situated on the west side of the Battersea Power Station development, the first phase will see 800 apartments, suites, townhouses and penthouses built, with a total of 990,000 sq ft allocated for residential properties.

Another 110,000 sq ft has been planned for commercial properties, making Circus West at Battersea Power Station a developed area of 1.1 million sq ft.

Prices start from £338,000 for a studio, from £423,000 for a one-bedroom apartment, £613,000 for a two-bedroom and £894,000 for a three-bedroom. The development of the first phase is expected to be completed in 2016 or 2017, together with the completion of 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 the 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 been depressed by multiple failed redevelopment projects since the building ceased operations in 1982. A consortium comprising S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund (EPF) successfully purchased the building for £400 million in September on a 40:40:20 equity basis.

BPSDC was appointed project manager by the consortium.

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