Singapore's Oxley buys London plot for $396m

LONDON (REUTERS) - London's largest development site since Battersea Power Station has been sold for 200 million pounds (S$396 million) to Singaporean developer Oxley Holdings, which plans to build more than 4,000 homes on the 37-acre plot of land.

The deal is the latest in a string of transactions made by Asian investors in the British capital. A Malaysian consortium made up by SP Setia, Sime Darby and the Employees Provident Fund paid 400 million pounds for the 39-acre power station scheme in July 2012.

The Royal Wharf riverside site in east London, which was sold by developer Ballymore, is the largest since the iconic power station was sold, according to property agents Knight Frank which advised the seller.

Oxley has built luxury homes and offices in Singapore and has ongoing schemes in Cambodia and Malaysia, it said on its website.

"Royal Wharf is an outstanding opportunity and offers a blank canvas to create something very special for London," the company's Chief Executive Ching Chiat Kwong said in a statement on Friday.