Hong Kong billionaire Henry Cheng Kar-shun’s plans to build 10,000 homes on the Greenwich Peninsula made progress today with the award of a £50 million construction deal.
FTSE 250 company Kier has landed the deal from Mr Cheng’s Knight Dragon group, which bought out its joint venture partner Quintain last year to take sole control of the Greenwich development.
Today’s deal will see a 24-storey tower rise on the banks of the Thames along with four other buildings containing 224 luxury flats.
Knight Dragon aims to create a completely new district for London over the next 25 years, building about 10,000 new homes for up to 23,000 residents.
Asian money is flooding into the east of the capital, with another Chinese developer signing a deal to regenerate the Royal Albert Dock next to London City Airport and the Singaporean developer Oxley buying the Royal Wharf site last year.
Kier has also won a contract worth £25 million a year from the Canal & River Trust to maintain the UK’s waterways for six years.
