SHAH ALAM (Dec 8): Eco World International Bhd (EWI), which is on track to list on Bursa Malaysia's Main Market by the first quarter of next year, is still optimistic of the London property market.

"Despite all the scaremongering on Brexit, where people predicted recession, there is no recession in sight and U.K. is still looking to post a very decent growth," EWI president and chief executive officer Datuk Teow Leong Seng told reporters at a joint press conference of EWI with Eco World Development Group Bhd today.

He also highlighted that the U.K. gross domestic product (GDP) has beaten economists' expectations and advanced 0.5% quarter-on-quarter in the three months to September 2016, with growth for 15 quarters in a row.

Teow said the likely protectionist stance of the U.S. government under president-elect Donald Trump, potentially reduces New York's appeal versus London.

"Uncertainties elsewhere may favour London too," he said, adding that six more European Union member states, namely France, the Netherlands, Italy, Austria, Finland and Hungary, are expected to hold referendums to exit EU.

He pointed out that the weaker pound sterling since Brexit, also enables foreign investors to buy real estate in London in a big way.

Teow also noted there is an influx of investment from technology, media and telecommunications giants, such as Google, Apple and Facebook into London.

EWI currently has three ongoing projects in the U.K., namely the £691.3 million (about RM3.5 billion) London City Island project on the Leamouth Peninsula by Canary Wharf, the £932.5 million Embassy Gardens, and the £566.1 million Wardian London.

There are concerns on the London property market, as growth is expected to be hit by uncertainty over Brexit negotiations. 

In end-June, one of Singapore's largest lenders, United Overseas Bank (UOB), suspended its loan programme for London properties. The decision came in response to uncertainties arising from Brexit.