A slice of Hong Kong is coming to London. After many years of delay, a rail-property regeneration project that will follow the Hong Kong model of integrated developments was given the green light for Greenwich Peninsula. The south east London location is best known for the O2 music arena, but will eventually house a mixed-use development that will feature luxury and affordable housing, retail shops and hotels atop a subway station. More: Buyers Arrive Early for London Development Sammy Lee, vice-chairman of the project’s developer, Knight Dragon recently spoke to the South China Morning Post about the project and London as an investment opportunity.
The project has been stalled for many years, but now you have obtained planning approval. You must be proud.
Well, I am quite proud of it. This is a big project. It is like the entire development of West Kowloon in Hong Kong. It features residential, hotels, commercial spaces and cultural facilities. How many developers are involved to build West Kowloon? We are building [this] on our own. The development will have 1.6 miles of public river frontage, and London’s newest film studio. As the Peninsula develops, a possible direct Clipper service from Greenwich Peninsula to Canary Wharf is also being considered. Over the last 18 months Knight Dragon has been collaborating with world-class creatives from different fields to develop a new approach to urban renewal. Of the 15,720 homes, a minimum of 3,930 will be affordable housing that the government will buy back from Knight Dragon at cost. We cut the ratio of private units to affordable homes to 75:25, against 62:38. It makes the project more viable in terms of profitability. Knight Dragon already has nearly 3,000 homes under construction.
What’s your view on London’s real estate market outlook?
From Hong Kong to mainland China, all major property players want to develop in London. Taking into account the yuan depreciation and economic uncertainties, London has become a haven.
Read the full interview at the South China Morning Post. More: Sales Struggle in South London