Malaysia: Major player in UK property

Malaysia has expressed its eagerness in expanding its property investments into the real estate industries in London.

The South-East Asian Islamic Finance hub is touted to be the second largest foreign investor in the sector last year.

Its Prime Minister Datuk Seri Najib Razak said that there will probably be at least two instructions which are Mara and the Employees Provident Fund (EPF).

Malaysia’s Employees Provident Fund is the second-biggest state-run pension fund in the Asia-Pacific.

Najib added that the quota for apartments at the Battersea Power Station development in London for Malaysian had been scooped up by a Malaysian consortium headed by Malaysia’s leading Property Developer, SP Setia Bhd and major Malaysia -based multinational conglomerate, Sime Darby Bhd as well as the previously-mentioned EPF.

The Battersea Power Station began selling its first apartments in January 2013.

Located in the heart of London, in a building immediately adjacent to the Power Station and overlooking the iconic Thames, the apartments hold the bright prospect in the real estate investment.

Meanwhile, London is set to host the first ever World Islamic Economic Forum (WIEF) in a European city in October, Mayor Boris Johnson has expressed his awe in Malaysia’s investments in the Battersea project.

He stated that “tomorrow, you will see the commencement of work for the first phase of the Battersea regeneration project.”

During the upcoming WIFE, London will see twenty two Islamic banks issuing RM 117 billion worth of sukuk last year.

In his twitter post, Johnson said “I myself would like to know how I can have a mortgage without paying interest.”

With unparalleled working opportunities, London has openly voiced out its interest in venturing into more Islamic finance deals in the near future as it plans to expand the sector with USD1.6 trillion in assets in the span of three years.

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