Battersea home sales: priority to Londoners

[LONDON] Residential property in the second phase of the Battersea power station project in London will be offered for sale in the British capital before being marketed to overseas buyers, the scheme's Malaysian-backed developer said.

The decision comes in response to increasing pressure on builders to give Londoners priority for new homes in an effort to combat a housing shortage exacerbated by the droves of overseas buyers who have snapped up residential property in the city over recent years.

The power station, famous for its imposing quartet of art deco chimneys, stood derelict on the south bank of the River Thames for about three decades until the 15.8 hectare site was bought in July 2012 by a Malaysian consortium.