KUALA LUMPUR (July 26): Felda Investment Corp Sdn Bhd (FIC), a wholly-owned investment arm of the Federal Land Development Authority (Felda), is set to open its second student accommodation in Wembley, the UK, at a cost of £109.26 million (RM583.66 million), in September.

"This is in line with FIC's goal to become another large investment company in Malaysia via highly-viable diversified investments that could generate attractive returns in the long run," it said in a statement today.

To date, it has secured 40% of bookings and the number is expected to grow leading up to the new academic year.

Felda chairman Tan Sri Isa Abdul Samad said FIC continues to further exploit London's stature as one of the prominent education hubs.

"The post-Brexit challenges, which resulted in an air of uncertainties among investors and individuals alike, do not shake FIC's confidence in the new investment as time has proved that the demand for education will show no sign of stopping, even in times of austerity and economic crisis, and it will positively impact other education-related sectors," he said.

Isa also believes that the drop in the British currency will cause tuition fees to be less expensive. Thus, along with the removal of the student intake quota for the UK universities, which was announced in 2015, the demand for student accommodation will continue to rise, he added.

Called "Grand Felda House", the new student housing features 802 fully furnished en-suite rooms, with facilities offered including free Wi-Fi, pool, gymnasium, laundry room, cinema room, communal kitchen and a games room.

FIC first made its foray into the UK student accommodation sector with Felda House Wembly, which was completed in July 2015 at a total cost of £58.5 million.

Felda House Wembly, which features 450 en-suite bedrooms and is located a few blocks away from its second project Grand Felda House, has managed to hit 100% occupancy of various nationalities, according to FIC.

Apart from the portfolio of student accommodation, Felda also owns 12 hotels and resorts, including London's Grand Plaza Serviced Apartments and the Park City Grand Plaza Kensington.