Felda Investment Corp (FIC), the investment arm of the Federal Land Development Authority (Felda), continues to stride forward to diversify its investment assets via its first foray into the student accommodation market London - Felda House Wembley.
The construction of Felda House Wembley, located in the heart of Wembley, was completed in July this year, at a total cost of £58.50 million (RM376.29 million).
Felda Group chairperson Mohd Isa Abdul Samad said FIC’s investment was timely as this segment has been steadily emerging over the years as a significant mainstream global investment.
"The investment is in line with Felda’s aim to become a significant Malaysian investment company with a diversified set of selected businesses globally," Isa ( photo ) said when officially opening Felda House Wembley yesterday.
Also present were Malaysia's High Commissioner to the UK and Northern Ireland Ahmad Rasidi Hazizi; Felda director-general Hanapi Suhada; and UK CRM Students Ltd finance director Alan Coles.
Isa said the venture into the student accommodation segment was a testament to Felda's commitment to achieve this vision as well as in generating additional and steady income for the agency through viable investment initiatives.
He said investing in the student accommodation segment was seen as an extension of Felda’s strong presence in the hospitality industry that added to its current momentum, both locally and internationally.
“It is also part of FIC’s strategic move to diversify its assets and to ensure that it is able to maximise the company’s investment returns for the ultimate benefit of the settlers,” he said.
Felda currently owns 12 hotels and resorts, including Grand Plaza Serviced Apartments, Bayswater and Grand Plaza Kensington, both in London.
'Felda needs to focus on strengthening capabilities'
Isa said Felda has been serving Malaysia and the settlers for decades in an effort to bridge the economic gap between people living in the urban and those in the rural areas by ensuring that the settlers were able to provide for themselves and their families through various economic means and activities.
“Felda has now reached a point where it needs to focus on strengthening these capabilities and ensuring long-term sustainability. Therefore, the company (Felda) is putting a lot of emphasis on educating and equipping new generations of Felda settlers with knowledge and essential skills,” he said.
The property, which is managed by C-R-M (CRM) Students Ltd, is now in full operation, having secured almost 100 percent of occupancy rate, thanks to its strategic location and the stylishly-modern design and facilities.
C-R-M is one of UK’s leading independent student accommodation management brands, with more than 15 years of experience. It currently operates nearly 60 student schemes with some 15,000 bed spaces across the UK and has strong ties with some of the most prominent institutions, such as the Imperial College and the University of Edinburgh.
Felda House's location is very strategic for students, particularly those studying in colleges and universities in Central London, such as the London School of Economics, University College London and the University of Westminster; with Wembley Park underground station and Wembley Stadium within walking distance.
It features 450 fully furnished en-suite rooms with communal kitchens and living rooms as well as studio units, each equipped with its own kitchen.
With an average weekly rental of £155.27 (RM989), the building is also fully equipped with essential facilities such as free WiFi, laundry room and secure bike storage.