Chinese Builder Mulls Plan to Fit More Homes Into London TowerNeil Callanan
The Chinese property developer that plans to build London’s tallest residential tower is considering adding another nine floors to create almost 1,000 homes in the Canary Wharf financial district.
Greenland Holding Group Co., owned by the city of Shanghai’s government, may extend the number of floors to 71 from 62, allowing the company to construct as many as 282 additional homes, according to a filing to the Tower Hamlets borough on behalf of the developer. The Hertsmere House site already has planning approval for a 700-apartment tower as well as leisure facilities and commercial space.
Chinese investors spent $2.3 billion on real estate in London in the first half, more than any other overseas city, according to data compiled by Jones Lang LaSalle Inc. The Chicago-based broker in March valued the original project approved for site at 600 million pounds ($1 billion) when completed.
The additional floors won’t make the skyscraper any taller than the 242 meters (793 feet) already approved by the borough, according to the filing.