The second phase of the iconic Battersea Power Station project in London will not be sold at roadshows in Southeast Asia, the developer has confirmed.
The project, which is being developed by the Malaysian consortium of SP Setia, Sime Darby and the Malaysia Employees Provident Fund, achieved significant sales to buyers in Kuala Lumpur and Singapore when its first phase was launched in January 2013.
The move will come as a blow to overseas property investors in the region who are keen to purchase at the development, although the move highlights the growing resentment in London over the number of foreigners buying property there.
Earlier this year, a number of high profile U.K. property developers signed a pledge not to market their projects overseas before offering U.K. buyers the chance to purchase.
The second phase of Battersea Power Station will feature 250 apartments and will go on sale on May 1. Buyers can register now but will have to attend sales appointments at the development site itself.
In a statement, the developers confirmed that Londoners: “… will finally be able to buy a piece of the power station”. They also confirmed there would be no property exhibitions in Asia even if U.K. sales slowed.
In a statement, Rob Tincknell – Chief Executive of Battersea Power Station Development Company, said: “This building is an old friend to people in London. They have had to put up with it as a derelict wreck for 30 years. We feel it is right that it is reserved for people who call London their home.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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