Singapore-based property developer Oxley Holdings has exchanged contracts to buy Royal Wharf, one of London’s hottest development opportunities, from Ballymore Group.

The company is paying £200m for the 37 acre (15ha) site which has extensive River Thames frontage. Planning consent is in place for a 363,000sq m mixed use development, with 3,385 homes, a school, shops, offices and riverside restaurants.

Speaking for Oxley Holdings, Alvina Tan, says it is too early to list the specifics of what the scheme will include, however it promises to be an outstanding mix of leisure, commercial, retail and educational facilities, creating an entirely new district for the increasingly trendy and east London.

Oxley chief executive, Ching Chiat Kwong, says this is an exciting opportunity to create something special for London: “It has over 500m of river frontage with a Crossrail station 1km away. Oxley will create a vibrant district and the opportunity cannot be missed by Londoners.”

Oxley is a lifestyle property developer specialising in quality, residential, commercial and industrial projects in China, Malaysia and Cambodia.

Acting for Ballymore, Knight Frank LLP identified Oxley as a key buyer. Charlie Hart of Knight Frank says: “Oxley have arrived with a bang and will no doubt offer a very exciting contribution to the London market. They have very similar values to Ballymore which has great implications for our market.”