Another 200 homes will go on sale in London’s Nine Elms regeneration area as China’s biggest property company prepares to launch its £700m residential scheme this week.
Dalian Wanda, which is led by the country’s wealthiest man Wang Jianlin, bought the Market Towers site at Vauxhall last year from Irish developer Green Property, marking its first property deal outside of China.
The scheme, called One Nine Elms, will see the existing 1970s towers replaced with two new skyscrapers reaching 45 and 60 storeys, which – if completed today – would make it the tallest residential tower in London.
The first 200 flats in the taller 199-metre City Tower will go on sale on Wednesday to UK buyers, with prices starting at £795,000 for a one-bed flat. Dalian Wanda signed up to Boris Johnson’s concordat, pledging to market homes in the UK before they are advertised overseas in November.
The company did not disclose what the highest prices would be but penthouses at Berkeley Group’s nearby One St George Wharf are understood to have been priced at around £50m.
The 1.13m square feet project will have 436 flats overall as well as a five-star hotel in the second building known as the River Tower.
The launch will coincide with Battersea Power Station putting the first 539 Frank Gehry and Norman Foster-designed homes up for sale this week.
One Nine Elms is also part of a wave of schemes by Chinese investors including Greenwich Peninsula, owned by Hong Kong’s Knight Dragon.