The £9 billion Battersea Power Station in Central London should be completed by 2033, according to Battersea Project Holding Company (BPHC) chairman Datuk Jagan Sabapathy.
He said the project, which is developed in seven main phases, has reached 60 per cent completion.
He added that £5 billion of the gross development value has so far been realised.
About three-and-a-half to four phases of the project are currently operating and with the heavy lifting done, it is expected to take roughly another 10 more years to be fully completed, he said according to Bernama.
Sabapathy was speaking to the Malaysian media after a presentation and briefing on the project development after the official opening on Oct 12.
Located south of the River Thames, the Battersea Power Station is owned by a Malaysian consortium comprising Sime Darby Property Bhd and S P Setia Bhd, each holding a 40 per cent stake, with the remaining 20 per cent held by the Employees' Provident Fund (EPF).
The commercial assets within the power station building are directly owned by Permodalan Nasional Bhd and the EPF.
A mixed-use development, Battersea Power Station has 7.69 hectares of public space in addition to residences, businesses, dining establishments, offices, and places for culture and recreation.
According to Simon Murphy, chief executive officer of Battersea Power Station Development Company, without Malaysia, the project would not have been feasible.
"Now the word we hear the most regarding this project is 'wow', and that is the message we want to give. This would not happen without the shareholders," he said, adding that Malaysia and the United Kingdom (UK) have worked together to deliver something which others could not achieve.
He said that numerous attempts to revive the building over the past 30 years had been unsuccessful and that this was the first instance in which a shareholders group collaborated with the UK team and succeeded.
"This is the biggest construction project in London in the last 10 years," Murphy noted.
Murphy said the residential projects (within Battersea Power Station) maintained the industrial aesthetics and that the heart of the building for the public is the retail and food and beverages segment.
"We have all types of brands, from small businesses to the big names, which we know have a lot of attention," he said, adding that the take-up rate for the commercial segment is 95 per cent.
As for the three phases of the residential projects, the company has secured a 90 per cent take-up rate.
"People are keen to come and live here even though rental rates are going up. We have registered over £700 million of sales in the last 18 months and 50 per cent of the buyers are from the UK alone," he said, adding that the company also sold residential units to the Asian market, the Middle East and the United States.
Murphy said that there has been a tremendous thirst for home ownership, particularly in the last few years, when asked if greater inflation has an impact on people's decisions to buy or rent.
The next residential project, KOA Residential, will be launched on Oct 21, 2022, with prices starting from £560,000 for a 389 square feet apartment.