Singapore-based Oxley Holdings has purchased the Royal Wharf dockyard from Ballymore in a £200m deal - its first in the UK market.
Oxley Holdings plans to build 3,400 apartments on the 40-acre site along with a number of retail, leisure, commercial and educational facilities. The investment holding company has been involved in the construction of various luxury residential buildings and offices in Singapore and is currently implementing projects in Cambodia and Malaysia.
The Royal Wharf has a notable location on the River Thames adjacent to the Royal Victoria Dock, next to the Thames Barrier.
Ching Chiat Kwong, Chief Executive of Oxley, said: “Royal Wharf is an outstanding opportunity and offers a blank canvas to create something very special for London.
“It has over 500 meters of river frontage with a Crossrail station 1km away. Oxley now has the opportunity and responsibility to deliver this fantastic project, picking up the baton from Ballymore.”
According to global real estate consultants, Knight Frank, who jointly sold the Royal Wharf development along with Alan Selby & Partners, the site is London’s largest development opportunity since the iconic Battersea Power Station.
This is the latest deal involving Asian investors in the British capital. Previously, a Malaysian consortium invested £400 million into the redevelopment of the 39-acre power station in July 2012.