Prime Pacific and ED Group has announced the formation of a strategic joint venture targeting the central London residential development sector
The joint venture has appointed LBS Properties as development manager, and global land this strategic joint venture with Prime Pacific, which represents the culmination of several months of preparatory work.
The joint venture has exchanged contracts on its first project, known as Brill Place, a 22-storey tower project in King’s Cross, benefiting from planning consent for 54 apartments and ancillary commercial space.
The project will provide a mix of one, two and three-bedroom apartments, benefiting from panoramic views and set in the newly redeveloped public park being built as part of the Somers Town Masterplan. Construction is due to commence in 2020.
Mr Khoon Ng, CEO of Prime Pacific, said: “Prime Pacific is extremely excited to partner with ED Group to create an investment platform for Asian investors with keen interest to invest in the London residential market.
“With the number of new starts at the lowest level since 2012, the inelastic housing demand, and the weakening Pound, the next 12 months will be a good time to capitalise on this investment hotspot in UK.”
Nick Crawford, managing director of LBS Properties, added: “LBS is delighted to be appointed development manager by the Prime Pacific-ED Group joint venture and we are looking forward to starting work on Brill Place.
“In Prime Pacific and ED Group we are fortunate to be working with partners who, collectively, have extensive experience in residential development, both in London and globally, and the depth of resources to create this exciting, strategic investment platform into the London residential sector.
