Nine Elms Square, SW8, has sold fewer than one in 15 homes during its first year of marketing.
More than half of the 90 property sales that have been concluded at the centrepiece of Europe’s biggest regeneration project have been sold to friends and employees of the developers.
An analysis of regulatory filings shows that Nine Elms Square, the £3bn joint venture between Chinese developers R&F and CC Land with a first phase due for completion in 2023, has struggled to sell properties, with only £120m of revenue reported since pre-sales began nearly two years ago.
The developers said that only 300 homes had been marketed, and of those almost one in three were sold.
According to company data disclosed in Hong Kong, fewer than 90 flats were sold in 2020, with more than half – 47 – sold to related parties such as employees or friends of the developers.
An R&F spokesman described the company’s sales figures as “a strong performance by anyone’s standards”.