About 1,600 new homes could be created in this development, with an estimated gross development value exceeding £3bil (RM18bil), IJM Corp said.
PETALING JAYA: IJM Land Bhd, the property arm of IJM Corp Bhd
has secured eight strategic sites across four London boroughs, namely Brent, Camden, Islington, and Westminster, for development.
About 1,600 new homes could be created in this development, with an estimated gross development value exceeding £3bil (RM18bil), IJM Corp stated in a media release yesterday.
The aforementioned sites, all located in Central London and its inner suburbs, are positioned above or adjacent to railway infrastructure.
The sites collectively hold the potential to deliver up to 3.55 million sq ft of development, encompassing a mix of housing, life sciences, student accommodation, and various commercial uses such as offices and logistics.
The project was secured via IJM Land and Network Rail Property’s Innova partnership that was formed last year.
IJM Land had partnered with Network Rail to develop mixed-use schemes on brownfield land.
IJM Land is now embarking on the final phase of a 650,000 sq ft over-rail mixed-use project, where it has already delivered 36% affordable housing and building on the success of the Royal Mint Gardens project, where IJM Land delivered a 150-metre deck above the Docklands Light Railway lines at Tower Hill.
IJM Corp group chief executive officer and managing director Lee Chun Fai said the group’s experience in delivering challenging rail interface projects positioned the company to maximise the potential of the sites.
“As urban centres worldwide increasingly prioritise transit-oriented development, our projects not only respond to the demand for more integrated and accessible urban spaces with a priority on housing, but also contribute significantly to economic revitalisation and sustainability,” he said in a statement.
Detailed infrastructure and enabling design works are currently underway, with Innova set to replicate the Royal Mint Gardens project’s success across the eight new sites.
Royal Mint Gardens was IJM Land’s maiden project in London. Close to the Tower of London and completed in 2019, the 315,000 sq ft mixed-use development comprises three 15-story condominium blocks built over two active railway lines.
The group said consultation and engagement with key stakeholders and planning authorities on the regeneration schemes will occur throughout 2024, with enabling works and over-site construction scheduled to begin promptly after planning approvals.
Network Rail group property director Robin Dobson said with the blend of IJM Land’s and Network Rail’s experience, the company has ambitious regeneration plans for multiple sites in this partnership.
“This is another milestone in our continued investment into delivering infrastructure-led regeneration projects in the capital. These are complex sites, and working together, we are bringing forward locations that have previously appeared undevelopable,” he said.
