UK contractor Balfour Beatty has signed an agreement with Chinese developer Wanda One to advance the construction of One Nine Elms, a £1bn ($1.32bn) residential development in the Vauxhall area of southwest London.
Balfour Beatty fills a gap left by CI-One Construction, a joint venture between Interserve and China State Construction Engineering Corporation.
Talks between it and Wanda over the £550m ($730m) works contract broke down in April, after which the developer announced that it was retendering the deal.
Balfour Beatty yesterday announced its obtaining of a pre-construction services agreement by Wanda One to act as the main contractor. Details of the final contract award is expected by the end of the year.
Dean Banks, managing director of Balfour’s UK Construction Services business, said: "We are pleased to be awarded the pre-construction services agreement for One Nine Elms and to be partnering with Wanda to get this fantastic project under way.Â
"This reflects the depth and breadth of experience we have in this sector and builds on the success of similar projects across London."
The project involved the construction of two residential-led towers in the Nine Elms regeneration area, which will also include the redevelopment of Battersea Power Station and the new US embassy.
The towers will be filled with luxury flats, as well as the Wanda Vista five-star hotel. Â
Completion is slated for 2020.
Image: The Wanda Hotel is aimed at the wealthier traveller (Wanda One)