As the domestic property market has continued to contend with increasingly cautious consumer sentiment, the Brabazon project by YTL Corp Bhd is going well in the United Kingdom (UK).
Tan Sri Francis Yeoh Sock Ping, executive chairman of YTL Corp, said that the Brabazon project is progressing well after the group championed a new concept this year as a result of intensive consultation with regional businesses, governments, and community organisations in the Bristol area.
Brabazon is a mixed-use development scheme - a new neighbourhood for Bristol - being built on the former Filton Airfield, the largest brownfield site in the South West.
In 2018, YTL Developments (UK) Ltd was granted permission to transform this historic site into an urban neighbourhood.
The 354-acre Brabazon, YTL Developments' first major mixed-use scheme in the UK, will take more than 10 years to complete.
The current masterplan calls for the construction of 2,675 homes, including studio, one, two, and three-bedroom apartments, as well as two, three, and four-bedroom houses, 62 acres of commercial space, and community facilities such as three schools, a library, a doctor's surgery, and sports facilities.
Under the new masterplan, YTL Developments plans to build 3,675 homes at Brabazon.
Yeoh said the revamped vision for Brabazon focuses on ensuring that more sustainable homes are built in the right places.
Right places mean on brownfield land along existing transport corridors like at Brabazon, where public transport connections and active travel routes provide a genuine alternative to car-dependent lifestyles, he said in a statement in the company's latest annual report, which was filed with Bursa Malaysia on Monday (Oct 31).
"The world, in general, is facing challenges on multiple fronts, including recovery from the Covid-19 pandemic coupled with the risk of the emergence of new variants, the military conflict in Ukraine and knock-on effects on energy prices, the escalating climate emergency, and rising inflationary pressures. Given the international scale and breadth of our operations, our ability to address and manage these factors remains of paramount importance.
"Our commitment to developing viable, sustainable, long-term businesses forms our bedrock in this regard. The general arc of our expansion has continued on a consistent track towards investing in and developing businesses that are economically, environmentally and socially sustainable, utilising the latest technological advancements and instilled with the robust governance culture that is the cornerstone of our group," Yeoh said.
In terms of hospitality, Yeoh said that the recovery of the world's tourism sector has been advancing to varying degrees as a result of the reopening of international borders and the gradual shift towards managing the endemic phase of Covid-19.
"Increasing inflationary pressures and geopolitical concerns may give rise to further challenges but these factors are expected to be further tempered by abundant pent-up demand and improving economic conditions, benefitting our hotels and resorts across the globe thatcan offer an unparalleled quality of service and unique experiences," he said.
Bristol and Kuala Lumpur developments are doing well
A significant increase in revenue was reported by the group's property investment and development division, according to YTL Corp managing director Datuk Yeoh Seok Kian.
This was primarily due to sales made as part of the division's development project in the UK and land sales, with the latter also being a major factor in the division's increase in pre-tax profit.
He said in his statement in the annual report that despite unheard-of pandemic-related difficulties, Brabazon continued to build homes and had consistently high sales.
The first residential property is planned to be completed in stages in 2024, and all open-market properties have been sold in various releases.
The YTL Arena Bristol, which will be located at the legendary Brabazon Hangars — the birthplace of the Concorde — and expected to welcome visitors in 2024, is also making good progress, he said.
In Malaysia, Yeoh said that the positive response from prospective buyers during the launches of Tulips, a "Rumah Selangorku" affordable housing scheme in Puchong, Selangor, and Olive Grove, the group's first-ever gated and guarded development in Taman Pakatan Jaya, Ipoh, reflect the high demand for two-storey link houses with a well-designed layout amid gloomy market sentiments in the post-pandemic era.
In the meantime, The Fennel at Sentul East, one of YTL Corp's most recognisable constructions, was named the World Gold Winner in the Residential (High Rise) Category at the FIABCI World Prix d'Excellence Awards 2022 in June 2022.
This accolade came shortly after The Fennel emerged as the winner in the Residential (High Rise) Category of the Malaysia Property Awards 2021 by the FIABCI Malaysia Chapter in March 2022.
Yeoh said that Sentul's current dynamism goes far beyond its exceptional renaissance and includes the transforming impact of a contemporary landscape of architectural icons to inspire urban revitalisation.
He said that Sentul Depot, a century-old historical railway depot, is being preserved and transformed into a top event venue and lifestyle destination in Kuala Lumpur as part of the city's flagship urban regeneration project.
The debut of Tiffin At The Yard, a bustling food and beverage destination, exemplifies the space's versatility of use and is inspired by the tradition of the depot's rustic appeal.
The recently built Sentul Pavilion at Sentul Park, a distinctively designed glasshouse that is the first event venue in Malaysia set in a private park, will further enhance the development of Sentul into an exciting destination for events.