Network Rail has partnered with Malaysian development giant IJM Land to explore opportunities for land next to the railway and through over-site developments in the rail operator’s portfolio.
The partnership is considering sites in London and the South East that can be developed into mixed-use, residential, commercial or logistics schemes.
IJM Land Berhad is the property arm of conglomerate IJM Corporation Berhad. IJM Land Berhad is acting via its 51%-owned subsidiary, RMS 2.
The partnership comes after IJM Land completed the 256-home Royal Mint Gardens, E1, its first project in London. The homes were developed above the Dockland Light Railway and are cantilevered over a Victorian Network Rail viaduct at Tower Hill Station. A further aparthotel and more homes will be delivered in the second phase.
IJM Land chief executive Datuk Wong Tuck Wai, said: “We are leveraging on our experience in rail over-site developments, which involves managing the complexities of the design, construction and health and safety requirements while keeping the railway operational at all times.”
IJM Corporation Berhad group chief executive and managing director Lee Chun Fai, said: “While it enables us to expand IJM’s footprint in Great Britain, joining forces with Network Rail will allow us to participate and be a co-creator in the growing railway property development sector.
“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. Schemes like the Royal Mint Gardens have proven to be a catalyst of urban regeneration, drawing further investments into the area.”
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