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The Singapore listed developer is looking to build more than 4,000 homes on the 40-acre Royal Docks site, along with a mixture of retail, commercial and schools.
As a whole, it represents the largest mixed use site to be traded since Battersea Power Station and could become home to around 10,000 people, just three miles from Canary Wharf and serviced by the DLR.
Oxley chief executive Ching Chiat Kwong said: "Royal Wharf offers a blank canvas to create something very special for London."It has over 500m of river frontage with a Crossrail station 1km away.
Oxley now has the opportunity and responsibility to deliver this fantastic project, picking up the baton from Ballymore.
"Ballymore already gained planning permission for much of the site and it is understood that work will begin quickly.
The company decided to sell in May and announcement of the deal comes just days after the it launched the £700million London City Island project for Canning Town.
Sean Mulryan of Ballymore said: "We have a shared vision with [Oxley] in terms of developing high quality, dynamic environments that create a built legacy.
"The Mayor of London Boris Johnson said: "My team and I met with Oxley Holdings on our trade mission to China last month and I am thrilled at this demonstration of their confidence in our great city.
"This type of deal is exactly why I spent six days meeting businessmen and officials in China banging the drum for the capital, and it is further evidence of the appetite of developers from the far East to invest in London."
Meanwhile, Knight Dragon this week took sole ownership of the Greenwich Peninsula scheme in a deal worth £186million with Quintain Estates. The site has permission for 1,683 homes.
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