This article first appeared in The Edge Financial Daily, on July 27, 2016.

KUALA LUMPUR: 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 (RM582.79 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 yesterday. 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 Mohd 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 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 UK universities, 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 include free Wi-Fi, a pool, gymnasium, laundry room, cinema room, communal kitchen and games room.