Quintain Estates and Development has secured approval from the Royal Borough of Greenwich in the UK to construct 506 new homes on the southern quarter of Greenwich Peninsula, as part of a £5bn masterplan.
The scheme at the southern quarter, Peninsula Riverside, covers 11 plots and will feature 2,963 homes.
The first phase of the scheme will feature 506 homes on three plots, which have been designed by architects Jestico + Whiles and C.F. Møller.
Quintain said out of the total 506 homes, 283 homes will be affordable housing for the benefit of the local community and key workers.
Construction on the first phase of the scheme is scheduled to start in summer 2013 and is expected to be complete in early 2015.
The 190-acre Peninsula Riverside scheme will deliver 10,000 new homes to transform Greenwich Peninsula into a new riverside community in London.
After completion, the entire scheme will feature 14 million ft² of residential-led mixed-use development along 1.6 miles of the River Thames frontage.
The homes will spread across four new quarters and will be centred around a commercial district and a 40-acre park.
Greenwich Peninsula development director Anthony Gill said that the Peninsula Riverside development will continue the momentum East London has experienced since the Olympic Games.
"The combination of affordable riverside living, just one tube stop from Canary Wharf and within 15 minutes’ reach of the West End, ensures Peninsula Riverside will become one of the most exciting new housing schemes in London," Gill said.
Quintain is developing the scheme through the Greenwich Peninsula Regeneration Limited (GPRL) joint venture.
In June 2012, Hong Kong-based investment firm Knight Dragon agreed to provide debt funding of £300m for the scheme after acquiring a 60% stake in GPRL.
Image: The first phase of the scheme will feature 506 homes on the southern quarter of Greenwich Peninsula. Photo: Quintain Estates and Development.