Battersea Power Station project gains $1bn sales

The developers of Battersea Power Station broke through the $1bn (£660m) sales barrier yesterday amid “phenomenal” interest in new flats and townhouses at the London landmark.

Buyers have snapped up 824 of the 866 homes in Circus West, according to the Malaysian-backed Battersea Power Station Development Company. The homes have been marketed in Singapore. Prices range from £350,000 for a studio to £6m for a penthouse. Buyers have paid a £2,500 booking fee plus 10 per cent of the purchase price to clinch purchases. Building is set to begin in July, finishing in 2017.

The power station closed in 1983. A Malaysian consortium bought it for £400m from a failed Irish developer.