Mayor of London Sir Sadiq Khan has heralded a 'new era' for housing in the capital with a 'Singapore-style' approach, announcing a £100 million investment in a new homes scheme. The statement was made during a trade mission to Singapore and Japan, intended to drum up trade for London.
Investment in Silvertown Partnership
City Hall will join the Silvertown Partnership and support the delivery of 7,000 new homes in the Royal Docks in east London. About 1,000 of the new homes are expected to be under construction by 2028.
State-led housing model
The investment is part of a new City Hall Developer scheme modelled on Singapore's approach to housing development, in which the state plays a central role by building 80% of homes and owning most of the land. Sir Sadiq said he hoped the initiative would allow City Hall to become an active developer in more sites across the capital, to help maximise affordable housing delivery.
The announcement was made during the mayor's trade mission to Singapore and Japan, where he is promoting London as a leading global destination for investment.
Mayor's statement
Sir Sadiq said: 'I am delighted to be launching our groundbreaking 'Singapore-style' housing development arm for the capital today. I'm proud to be investing £100 million, 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.'
'This is a new era for housebuilding in London, with City Hall investing directly in new homes, unblocking stalled sites and speeding up development.'
Record investment
The mayor said of the new investment: 'It builds on our record investment of nearly £12 billion through my affordable homes programme to deliver social and affordable housing across London and our package of pro-housing emergency measures with government to turbo-boost the delivery of new homes in the capital.'
