KUALA LUMPUR (May 16): IJM Land Bhd, the property arm of construction giant IJM Corporation Bhd (IJM Corp)(KL:IJM), said on Thursday that it has secured eight central London sites for development with its partner Network Rail Property.
The development could host some 1,600 new homes with an estimated gross development value over £3 billion (RM17.8 billion), IJM Land said in a statement. The sites collectively have the potential of up to 3.55 million square feet of development, covering housing, life sciences and commercial use such as offices, it noted.
The sites are positioned above or adjacent to railway infrastructure and “our experience in delivering challenging rail interface projects positions us well to maximise the potential of these sites,” said Lee Chun Fai, chief executive of IJM Corp.
IJM Land and Network Rail formed the Innova partnership last year, to develop mixed-use schemes on brownfield land. IJM Land delivered a 150-metre deck above the Docklands Light Railway lines at Tower Hill, under the Royal Mint Gardens project.
Royal Mint Gardens was IJM Land’s maiden project in London. Close to the Tower of London and completed in 2019, the 315,000 square feet mixed-use development comprises three condominium blocks of up to 15 storeys, built over two active railway lines.
IJM Land is now embarking on the final phase of 650,000 square feet over-rail, mixed-use project, which has already delivered 36% affordable housing, and plans to replicate the Royal Mint Gardens project’s success with the eight new sites.
Detailed infrastructure and enabling design works are underway, IJM Land said. Engagement with stakeholders and planning authorities will run throughout 2024, with enabling works and over-site construction scheduled to begin after planning approvals, the company said.
“This is another milestone in our continued investment into delivering infrastructure-led regeneration projects in the capital,” said Robin Dobson, group property director for Network Rail. “These are complex sites, and working together, we are bringing forward locations that have previously appeared undevelopable.”
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Source: EdgeProp.my
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