The Greater London Authority (GLA) has announced a £100m ($134m) investment to join the Silvertown Partnership and support the delivery of a 7,000-strong new housing project in East London’s Royal Docks.
The move forms part of a wider strategy by Mayor of London Sadiq Khan to shift City Hall’s role from solely funding or supporting external organisations towards direct involvement in housing development.
This new approach was revealed during the mayor’s trade mission to Singapore and Japan, where he promoted London as a global destination for investment.
Around 1,000 homes are expected to be under construction at the Silvertown site by 2028, according to the mayor’s press release.
The initiative is a component of the City Hall Developer programme, which seeks to accelerate the supply of affordable homes and increase the pace of housebuilding in the capital.
Khan said: “I am delighted to be launching our groundbreaking ‘Singapore-style’ housing development arm for the capital today.
“I'm proud to be investing £100m – one of the largest investments made by any mayor of London – to help build and deliver thousands of new, high-quality and affordable homes at Silvertown.”
The GLA’s new development model draws inspiration from Singapore, where the state is heavily involved in the housing sector, responsible for building 80% of homes and owning most land.
The mayor and representatives from the Silvertown Partnership marked their agreement during a visit to the SkyResidence development in Queenstown, Singapore.
Silvertown, one of the Royal Docks’ most significant regeneration sites, has seen redevelopment repeatedly stall for more than 40 years.
The site is managed by GLA Land and Property and encompasses 60 acres, including the Millennium Mills landmark.
A revised masterplan received approval from Newham Council in December, outlining up to 7,000 new homes, with 1,800 allocated as affordable.
The first phase is set to deliver 1,032 homes, more than half of which fall into the affordable category.
Schemes to improve connectivity are also under way, including a new pedestrian and cycle bridge across Royal Victoria Dock, supported by funding from the London Borough of Newham, intended to enhance links to Custom House and the Elizabeth Line.
The City Hall Developer initiative is underpinned by nearly £2bn in government support, including grants and low-interest loans for housing associations to facilitate affordable new builds.
The mayor’s City Hall Developer Investment Fund earlier made £1.5bn in low-cost loans available to housing associations, raising the Fund’s total investment to £1.82bn, approaching a £2bn goal.
