SHAH ALAM: SP Setia Bhd will kick off the worldwide launch for the first phase of its Battersea Power Station project in January next year, said its top executive.
"It will be a worldwide launch stretching over a six-month period," SP Setia president and chief executive officer Tan Sri Liew Kee Si told pressmen after the company's extraordinary general meeting here yesterday.
The project's show village and office overlooking the River Thames would be ready by April 2013.
The first phase will consist of 800 apartments above a commercial podium with an estimated gross development value (GDV) of STG1 billion (RM5 billion).
The ground-breaking ceremony for the project is expected to be between July to September next year.
Liew expects a strong take-up rate, given SP Setia's pool of Malaysian and international buyers.
He said the Battersea development will be projected as an international enclave to ensure value appreciation.
According to him, Malaysians would hold not more than 50 per cent of the properties in the project.
"It would not be a kampung Malaysia," he said.
Yesterday, shareholders approved the company's plans to pursue equity funding with a proposed placement of new shares of up to 15 per cent of its share capital to institutional investors, which will be identified via a book-building exercise.
The company could potentially raise about RM1 billion from the placement of new shares.
Liew said the proposed placement would enable the company to raise the necessary funds to part-finance the Battersea Power Station project, as well as be used to fund the development of St Kilda project in Melbourne and the Qinzhou Industrial Park in China.
He also revealed that the company would decide in two months whether to undertake an employees share option scheme or Long Tern Incentive Plan.
By Business Times