The new Chinese owners of Nine Elms Square, SW8, are to start construction on more than 1,850 new flats in one wave before the end of the year, despite oversupply in the area.
In documents submitted to Wandsworth Council, Hong Kong-listed R&F Properties and Cheesegrater owner CC Land said they planned to start on three plots on the site in the second quarter and another eight in the fourth quarter. Together, this work will supply all but a handful of flats across the scheme.
The site of the former New Covent Garden flower market was acquired from joint venture partners Vinci St Modwen in August 2017, after a £470m sale to Dalian Wanda fell through.
Demolition works across the site completed earlier this year.
R&F is building a major presence in the Nine Elms area, having also acquired the adjoining mixed-use development Vauxhall Square last year for £157.8m from CLS Holdings. The site has capacity for a 1.5m sq ft scheme including 578 flats across two towers.
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