Malaysian government agency buys London serviced apartments

George Sell George Sell Uploaded 11 October 2013

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UK: Malaysia's Federal Land Development Authority (Felda) has acquired the 198-unit Grand Plaza Serviced Apartments in London's Bayswater.

The sale price was £98 million, and comes soon after Felda took over ownership of Grand Borneo Hotel in Kota Kinabalu, bringing the number of properties under its banner to eight.

Felda was initially founded to handle the resettlement of rural poor into newly developed areas and to organise smallholder farms growing cash crops. As of the 1990s, it no longer establishes new settlements, but engages in a diversified range of economic development and business activities.

Felda chairman Tan Sri Mohd Isa Abdul Samad said: "Buying properties in London is always a good move that will ensure good returns."

www.feldaglobal.com
www.grand-plaza.co.uk

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