Wanda Seeks $1.3 Million for London 1-Bedroom Apartments

One-bedroom apartments will cost at least 795,000 pounds ($1.3 million) as 200 properties designed by Kohn Pedersen Fox Associates are offered for sale in Dalian Wanda Group’s first London development.

Wanda, the Chinese developer controlled by billionaire Wang Jianlin, will eventually build 436 apartments and a five-star Wanda Vista hotel at One Nine Elms close to the Vauxhall subway station, the developer said today in a statement. The project’s two towers are due for completion in 2018.

The owners of land at Nine Elms on the River Thames are trying to turn the district into a prime address that will appeal to overseas buyers. Home values in the area have risen about 33 percent in three years to 1,200 pounds a square foot, with some homes priced at 2,000 pounds, broker Jones Lang LaSalle Inc. said in September.

“One Nine Elms has already achieved significant interest,” Michael Purefoy, deputy general manager at Wanda Commercial Properties, said in the statement. The project will have “some of the most stunning apartments and penthouses in the capital today.”