SP Setia expects delayed completion for Battersea power station phase 2 and 3

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KUALA LUMPUR (May 16): Phase two and three of the Battersea Station Project in London are expected to see minor delays, owing to a change in construction method, as well as Brexit, said property developer SP Setia Bhd today.

Phase 2 and phase 3 of the Battersea Power Station project are now targeted for completion and opening in 2021, SP Setia's chief executive officer Datuk Khor Chap Jen said at a press conference after the group's annual general meeting here.

Khor expects some marginal changes in terms of take-up rate, following the delayed completion, as phase 3's take-up rate has declined to about 67% from 70% previously.

On phase 2, however, Khor is optimistic that the project will maintain its take-up rate of 90%, due to discerning buyers, as well as its strategic location within the Battersea Power Station.

At noon market break today, SP Setia shares were unchanged at RM2.09 for a market value of RM8.39 billion, after some 65,900 shares exchanged hands.