3rd Phase Of FIC's London Project To Start After Talks: Malaysia's Felda Chairman

KUALA LUMPUR, Aug 9 (Bernama) -- The third phase of Felda Investment Corp's (FIC) property project in Wembley, London, will commence after talks with the developer to finalise the price conclude in two weeks. The FIC is the investment arm of the Federal Land Development Authority (Felda, a Malaysian government agency). Felda Group Chairman Mohd Isa Abdul Samad said the third phase of the project involves the construction of a complex comprising a hotel as well as apartment and office units. He said the third phase is part of a development package by London-based developer EIDE Construction, which completed two student accommodation complexes in phases one and two. "The first phase, a 550-room student accommodation complex named the Felda House Wembley, was launched in October last year. The second phase, the Grand Felda House, was launched in July this year, accommodating 802 student rooms," he said at a press conference after a ceremony to honour prospective Hajj pilgrims here Monday. Total cost for phases one and two was US$217.74 million (£167.76 million) with the third phase to cost just over US$129.8 million (£100 million), he added. Located about 500 metres from Wembley Stadium, this development is constructed in stages, with FIC purchasing each property from the developer upon completion. All three properties will be managed by C-R-M (CRM) Students Ltd, one of the United Kingdom's leading independent student accommodation management brands with over 15 years of experience. Felda currently owns 12 hotels and resorts, including Grand Plaza Serviced Apartments, Bayswater and Grand Plaza Kensington, both in London. --BERNAMA