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Tuesday, November 5, 2013

Mayor welcomes new Singaporean investment in Royal Wharf redevelopment

The Mayor of London, Boris Johnson, has welcomed news that a Singapore-based property firm is to invest in a major London regeneration project that was promoted in his trade mission to Asia.

Oxley Holdings Limited, a Singapore-based property developer, has announced that it has purchased the Royal Wharf development, located in East London’s Royal Docks, from property firm Ballymore.

Oxley now plans to develop the 40-acre site into 3,385 homes, as well as commercial, retail, leisure and educational facilities, creating an entirely new district for London. Upon completion of the project, it is estimated that around 10,000 people will live in the Royal Wharf area.

The investment comes after the Mayor presented the Royal Wharf development opportunity to potential investors, including Oxley, during his trade mission to China in October 2013.

The Mayor of London, Boris Johnson, said: “My team and I met with Oxley Holdings on our trade mission to China last month and I am thrilled at this demonstration of their confidence in our great city. This type of deal is exactly why I spent six days meeting businessmen and officials in China banging the drum for the capital.”

Oxley Chief Executive, Ching Chiat Kwong said: "Royal Wharf is an outstanding opportunity and offers a blank canvas to create something very special for London. It has over 500 metres of river frontage with a Crossrail station 1 km away. Oxley now has the opportunity and responsibility to deliver this fantastic project, picking up the baton from Ballymore.  Oxley will create a vibrant district and the opportunity cannot be missed by Londoners."

The Royal Wharf deal is the latest major investment by an Asian developer into regeneration opportunities in London. Earlier in 2013, Chinese company ABP announced a £1 billion plan to transform London’s Royal Docks into a business park, while Dalian Wanda, also from China, said it would spend £700 million on a new luxury hotel at Nine Elms.

Support for the Mayor’s trade mission to China was provided by London & Partners, the Mayor’s official promotional organisation for London.

David Slater, Director of International Business Development at London & Partners, said: “This is another vote of confidence in the regeneration of London, indicating the enormous development opportunities that are available along the River Thames and in East London as part of our Olympic legacy. It also shows how international investors are accelerating redevelopment projects across London – delivering affordable housing, jobs and economic growth for the city’s increasing population.”
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