PETALING JAYA: Battersea Power Station Development Company has announced that it has successfully secured a RM1.5bil (£280 mil) refinancing loan from the core group of lenders, namely CIMB, OCBC, Maybank and Standard Chartered, to support the development of the remaining 16 acres of the 42-acre riverside neighbourhood, providing a firm financial foundation for the continued delivery of the project.
“The continued support from our lenders reflects confidence in the transformation achieved so far, from the restoration of the once derelict Grade II* listed Power Station to the creation of a thriving riverside neighbourhood and the opportunity that lies ahead,” said Battersea Power Station Development Company chief financial officer Chee Seng Siew.
“We would like to thank our lenders and shareholders SP Setia, Sime Darby Property and the Employees Provident Fund, for their continued support as we bring forward the next chapter of Battersea Power Station,” he added.
This announcement follows the recent submission of a revised masterplan designed by urban designer and landscape architect, Studio Egret West, for the remaining 16 acres of undeveloped land at Battersea Power Station. Proposing up to 3.2 million sq ft of residential, commercial and leisure space, the plans would nearly double the scale of development delivered to date and complete the riverside neighbourhood.
According to the company, progress is already underway on the next phase of development, Prospect Place South, with construction beginning in early September. The two new Gehry Partners-designed buildings will deliver about 300 new homes, 65,000 sq ft of commercial space for shops, cafés and restaurants, a 15,000 sq ft Community Hub, a bike hub and complete the pedestrianised high street, Electric Boulevard.
Planning permission has also been granted for 200 new high-quality council homes to be delivered in partnership with Wandsworth Council as part of the council’s Homes for Wandsworth programme. The new homes will be built on Phase 5 of the development and be available to local people, including families, at social rent levels. Construction is expected to begin in early 2027.
The future phases will build on the delivery of more than 2,200 homes, approximately 800,000 sq ft of offices and over 170 shops, bars, restaurants and leisure venues now open at Battersea Power Station.
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