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Felda House Wembley: FIC's First Foray Into the Student Accommodation Market

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HIGHLIGHT
Felda House Wembley: FIC's First Foray Into the Student Accommodation Market

LONDON, UNITED KINGDOM — FELDA INVESTMENT CORPORATION (FIC), a subsidiary of the Federal Land Development Authority (FELDA), continues to stride forward in its effort to diversify its investment assets and maximise returns to its stakeholders, through the Company's first foray into the student accommodation market in London, United Kingdom.

The student accommodation, known as Felda House Wembley, which had been in construction since October 2014, was recently completed in July 2015 at a total cost of GBP58,500,000.

The property is now in full operations, having secured almost 100 percent of its occupancies and the encouraging reception is mostly due to the strategic location of the building and the stylishly modern design and facilities.

Felda House Wembley is located in the heart of Wembley, making it a very strategic location for students to live in particularly the ones who are studying in and around the area, including those studying in colleges and universities in Central London, such as London School of Economics (LSE), University College London (UCL) and University of Westminster.

The property features 450 fully furnished en-suite rooms with communal kitchens and living rooms, and for students who prefer a little bit more privacy, it also offers studio units, each equipped with its own private kitchen, making the student accommodation ideal for both undergraduate and postgraduate students. The building is also fully equipped with essential facilities such as free WiFi, laundry room, secure bike storage, communal garden and meeting rooms, just to name a few.

Speaking at the official opening ceremony of Felda House Wembley today, the Chairman of the Felda Group, Y.B. Tan Sri Datuk Sri Utama Haji Mohd Isa Datuk Haji Abdul Samad said that, 'The student accommodation segment has been steadily emerging over the years as a significant mainstream global investment category, attracting strong interest from investors, particularly institutional investors due to the attractive potential returns and value.'

He added that in this regard, FIC's investment in the student accommodation market is timely and strategic, and in keeping with its vision to become a significant Malaysian investment company with a diversified set of selected businesses globally. He also believed that this investment will yield sustainable long-term returns and will generate better return on investment, especially now that the foreign currency is stronger relative to the Ringgit.

In addition, with the UK, and especially London's growing reputation as one of the most preferred location for higher education globally, the supply-demand imbalance in student housing is expected to grow and FIC is able to participate in the city's thriving student accommodation market through the opening of Felda House Wembley and to fill in the gap.

Isa also added that the opening of Felda House Wembley is 'an extension of Felda’s strong presence in the hospitality industry, adding to its current momentum both locally and internationally.'

Felda currently owns 12 hotels and resorts, including Grand Plaza Serviced Apartments and Grand Plaza Kensington, both in London.

The official opening ceremony was officiated by Isa and witnessed by a number of invited guests from both the UK and Malaysia.

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