Image: Plans adhere to Rafael Viñoly's masterplan

The new Malaysian owners of London's Battersea Power Station have announced that work is expected to begin on the historic site's regeneration during the second half of 2013.

A consortium comprising SP Setia, Sime Darby and the Employees Provident Fund secured the acquisition of the site earlier this summer and will start preparations later this year.

The first phase of redevelopment will include multiple residential buildings standing above a commercial podium, which will house restaurants, a gym, a swimming pool and a spa.

A theatre will also form part of the first phase, along with a 6-acre (2.4-hectare) park open to the public and linked to the adjacent Battersea Park.

Ian Simpson Architects and de Rijke Marsh Morgan are behind the design of the first phase in accordance with the original Rafael Viñoly masterplan for the regeneration scheme.

Meanwhile, approved proposals to redevelop the 39-acre (15.8-hectare) Power Station site is to include a complete regeneration of the building and a mixed-use development within.

Restaurants, hotels, cultural venues and leisure facilities are all earmarked for the site and are agreed by English Heritage and Design Council CABE.

SP Setia president and CEO Tan Sri Liew Kee Sin said: "Battersea Power Station is a wonderful building and both it, and the centrally located Nine Elms area surrounding it, are in need of regeneration.

"With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the Power Station at its heart."

Sime Darby president and group CEO Dato' Mohd Bakke Salleh added: "The future of the Power Station, both as a London landmark and the central focus of the ongoing revitalisation of the area, has never looked brighter."

Click here for more information about the plans for Battersea Power Station.