SINGAPORE (Feb 2): City Developments is acquiring from Curatus Trust the freehold Ransomes Wharf site at Battersea London for £58 million ($103.7 million) in an exchange of contracts.

The 0.65ha site is located within the London Borough of Wandsworth on the south bank of the River Thames, and is next to Albert Bridge. The site is also a five-minute walk to Battersea Park, Chelsea and the King’s Road.

CDL said in a release on Thursday that it plans to develop the site into a £222 million luxury residential project. The site has an existing planning permission for 118 apartments, 8 commercial units with a total floor area of 21,980 sf, and 103 car parking spaces.

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