The iconic Battersea Power Station, a 39-acre property bought by a Malaysian group of companies, SP Setia, Sime Darby Bhd and Employees Provident Fund (EPF) for $530 million, and was converted into a residential, retail and office hub.
The first phase, which is wholly residential, is slated to be completed by 2016, reports the BBC. The group's sales office solicited buyers and around 75 percent of the property was reserved in early January. The development group hopes that phase one would sell out completely by April or May 2013.
Phase-one has around 800 units for sale out of which around 600 have already sold out. 400 units sold before Jan. 12 and the remaining 200 poured in the last two days, reports The Sun Daily.
Around 200 units of phase one were released for citizens of U.K. while the remaining 200 were equally split between buyers of Hong Kong and Singapore, reports The Star.
The price range of various units starts from $455,229 for a studio, $561,405 for a single bedroom unit and $813,573 for a two bedroom unit. For a three bedroom place, the price starts from $1,186,516 while a penthouse starts from $7.9 million. The down payment is around 20 percent of the property and the rest can be paid after the completion of the project, reports The Star.
Along with residential units, retail and office spaces are also being developed which will occupy phase - two. A $ 2.6 million insurance policy for 12 years has been guaranteed by the developers for the Battersea project, reports The Star.
Once completed, the development is expected to spawn around 26,000 jobs. This project is sure to give a boost to the country's economy.
