Greenwich Peninsula, a Hong Kong-style rail-property project, given green light in London
London’s Greenwich Peninsula regeneration project was finally given the go ahead last week, with Sammy Lee of Knight Dragon spearheading plans for a Hong Kong-style integrated model
Stalled for many years, the regeneration project in Greenwich Peninsula in south east London, best known as the location for the O2 music arena, was finally given the go-ahead last week.
Sammy Lee, vice-chairman of the project’s developer, Knight Dragon, said plans for a Hong Kong-style integrated rail and property development model – building hotels and a shopping mall on top of the subway station – have been drawn up and are aimed at creating a vibrant community in the area.
Why did the company decide to create a new masterplan?
The intention was an early part of my vision – removing some historical associations, responding to the acute supply and demand imbalance of housing in London, delivering a community spirit in the best traditions of London, rezoning certain key areas and delivering placemaking, culture and arts to a scale rarely, if ever, seen.
The master plan has been approved. What’s next?
We have invested between £600 million and £700 million (HK$8.4 billion) in public and social infrastructure and construction of the residential space for the affordable housing and lower end homes. You can see it as a phase one development. In phase two, we are developing five blocks of luxury homes, with targeted average prices of more than £1,000 per sq ft. They will be offered for global sale early next year.