UK-based Chestertons is to launch AED8.8bn ($2.3bn) Royal Wharf project in London, a series of luxury mixed-use developments by Oxley and Ballymore.

The Royal Wharf project, planned to be developed near the London’s only cross-river cable car Emirates Air Line, would create a new town centre complete with 3,385 new riverside properties, providing homes for about 10,000 residents in the region.

It will include two new parks and three pocket parks, a high street with nearly 5,000m² of shops, bars and restaurants.

Chesterton Humberts director of International Residential Developments Samuel Warren said: "London, unlike any other property market is a key hub for international property investors.

"Favourable conditions and an upbeat market anticipates growth in the property sales sector in London and this certainly is an ideal time to invest." 

"London has a safe, tolerant multi-ethnic surrounding offering a good choice of both investment and lifestyle options thereby making it an attractive choice of location to purchase a home.

"Favourable conditions and an upbeat market anticipates growth in the property sales sector in London and this certainly is an ideal time to invest in London properties."

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Royal Wharf is claimed to be the largest development in London with nearly 3,500 new homes.

Under the project, Ballymore has designed the properties that included town houses, three bed duplexes, one and two-bed apartments and compact suites.

Residents are expected to start occupying the place in mid-2016, with the whole development of Royal Wharf scheduled to be completed by 2020.

Oxley chief executive Ching Chiat Kwong said: "We are looking forward to seeing Royal Wharf transform and rejuvenate the Royal Docks area when residents arrive within the next couple of years.

"The sell-out response to the units launched in the first phase is testament to the strong value proposition that we are offering and we expect to see a significant level of interest for phase two as well."

Royal Wharf is connected from Pontoon Dock DLR station and Canning Town on the Jubilee Line, providing access to the West End in 20 minutes, Canary Wharf in five minutes and London City Airport in four minutes.