Ascion of one of Malaysia’s wealthiest real estate dynasties has said that plans to build one of the tallest residential towers in London will not be bulldozed by Brexit.
Abigail Tan, head of the St Giles Hotels Group, is to press ahead with a £800mto £1bn mixed use development in Blackfriars despite rising costs linked to the collapse in the value of the pound. She told the Press Association: “Our plans haven’t been altered by Brexit, yet. Blackfriars is still viable and we’re pushing ahead with it, although we’re cautious of costs rising.
“We’re still investing heavily in the UK and still have faith in the UK economy as a hub for business and finance.”
St Giles, whose parent company is listed Malaysian firm IGB Corporation – headed by Ms Tan’s father Robert Tan – is waiting for Southwark Council to rubber-stamp planning applications.
The development will consist of a hotel and one of the tallest residential towers in London, along with commercial and retail space.
If Southwark approves the plans, the development could be up and running as soon as 2020.
However, Ms Tan also said the group might have to “get creative” if the pound continues its downward trajectory and costs soar.
“We don’t really know about Brexit because the Government hasn’t said anything about its plans. We might have to get creative if costs go up,” she added.
But Brexit has provided a tonic for St Giles’ two London hotels, with the fall in sterling against the euro resulting in increased spending power for Europeans in London.