City Developments (CDL) is buying a prime freehold Ransomes Wharf site from UK-based Curatus Trust for £58 million ($103.4 million). The 0.65 ha Ransomes Wharf site is located in Battersea south-west London. CDL says it plans to redevelop into a luxury residential project with an estimated gross development value of £222 million.

"We have purchased this site as part of our continuing focus on the suburban London market," says Kwek Leng Beng, executive chairman of CDL. “UK is one of CDL’s key overseas markets for strategic diversification,” adds Kwek.

According to CDL, the site has an existing planning permission for 118 apartments including 24 affordable homes, eight commercial units totalling 21,980 square feet and 103 car parking spaces. The residential development will be made up of six towers of up to 10 storeys, with a mix of one- to three-bedroom units as well as two- to four-bedroom penthouses.

CDL notes that the site is near Battersea Park and Chelsea's trendy King's Road, which is home to designer stores, restaurants and bars, as well as prime residential developments. This acquisition takes CDL's total investment in the UK to £510.2 million in 10 prime properties, although two of the 10 sites - in Croydon and Reading - have since been sold. It expects the Ransomes Wharf site deal to be completed by next month.