Royal Wharf, largest London mixed-use site since Battersea Power Station, sold to Singapore developer Oxley Holdings 01 November 2013.
Oxley Holdings Limited, a Singapore-listed property developer, has exchanged contracts to purchase Royal Wharf, one of London’s most important development opportunities, from Ballymore Group.
Oxley intends to develop the whole 40 acres into circa 3,400 residential units and a variety of outstanding commercial, retail, leisure and educational facilities creating an entirely new district for London.
Oxley Chief Executive, Ching Chiat Kwong says: “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 Cross rail station 1km 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.”
Oxley is a lifestyle property developer specialising in quality residential, commercial and industrial projects, with various overseas projects in China, Malaysia and Cambodia.
Sean Mulryan of Ballymore says: “We are delighted to have exchanged contracts with Oxley. We have a shared vision with them in terms of developing high quality, dynamic environments that create a built legacy.”
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, and it is further evidence of the colossal appetite of developers from the far East and elsewhere to invest in London.”
Knight Frank LLP, acting for Ballymore, identified Oxley as a key buyer. Charlie Hart of Knight Frank says: “Interest for this opportunity was very strong from both the UK and overseas. Oxley have arrived with a “bang” and will no doubt offer a very exciting contribution to the London market. They have very similar values to Ballymore which has great implications to our market.”