EDGEPROP. 17TH MAY: Under the partnership, the two parties will explore opportunities to develop mixed-use schemes, residential, commercial or logistic properties in Central London and South East London.
IJM Land Bhd has announced that its 51%-owned UK subsidiary RMS (England) 2 Ltd (RMS 2) has partnered up with UK-based railway company Network Rail to explore development opportunities through Network Rail’s portfolio.
Under the partnership, the two parties will explore opportunities to develop mixed-use schemes, residential, commercial or logistic properties in Central London and South East London.
In a press statement, Network Rail group property director Robin Dobson said the partnership marked a milestone in regenerating and catalysing the rail over-site developments in Central London.
“This is an important milestone between IJM Land and Network Rail as we work together to unlock land opportunities around the railway estate specifically focused on rail over-site developments in Central London. There is a huge potential to regenerate a number of strategic sites, working closely with key stakeholders to deliver housing, workspace and a wide mix of uses for local communities, creating jobs and investment. This demonstrates the opportunity that rail infrastructure can play as a catalyst for sustainable development,” said Dobson.
IJM Land highlighted that the partnership is followed by the successful delivery of Royal Mint Gardens — IJM Land’s first project in London.
IJM Land chief executive officer Datuk Wong Tuck Wai said: “The partnership between Network Rail and RMS 2 follows the successful delivery of IJM Land’s Royal Mint Gardens project that has paved the way for similar construction solutions to be replicated in other locations.”
Enthused about the partnership, IJM Corporation Bhd group CEO and managing director Lee Chun Fai said the partnership enables IJM to expand its footprint and grow the railway property development sector in the UK.
“Without having to unlock new land, we can increase the supply of residential, commercial and social infrastructure, as well as integrate communities previously disconnected by the railway,” said Lee, adding that schemes like the Royal Mint Gardens have been a catalyst for urban regeneration.
Royal Mint Gardens is a transit-oriented development completed in 2019. Located in close proximity to the Tower of London, it has three 15-storey condominium towers built over two active railway lines.
According to the press statement, 256 private residential units are constructed over the Dockland Light Railway and cantilevers over a Victorian Network Rail viaduct at Tower Hill Station. There will be 446-bedroom aparthotel and 79 residential units to be delivered in the second phase of the project.