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UK-based Ballymore Group has received backing from Malaysia’s Eco World Investment (EWI) for the development of three residential projects in London with a gross development value of £2.2 bn (€2.8 bn).

EWI, a private vehicle controlled by property businessmen Tan Sri Liew Kee Sin and Datuk Voon Tin Yow, announced on Monday that it is acquiring a 75% stake in the joint development company known as Eco World Ballymore Holding Co, for a total of £429 mln. Ballymore owns the remaining 25%.

‘We are delighted to be invited by the Ballymore group to jointly develop these three sites, which will see about 2,500 units of private residential apartments being developed to meet the strong demand for such homes in the growing east and south London regions,’ said Liew.

The projects are London City Island, with a GDV of £614 mln, Arrowhead Quay (GDV of £591 mln) and Embassy Gardens (GDV of £995 mln). All three projects are expected to be ready for launch this year.

Ballymore chairman and group CEO Sean Mulryan said: ‘In EWI, we have a great partner with substantial property experience led by Liew, who was responsible for bringing together the Malaysian consortium and leading its visionary plans for the redevelopment of the Battersea Power Station.’