A £5bn residential regeneration project in Greenwich is set to go ahead, creating a new riverside community for London.

Around 229 homes are due to be built at Greenwich Peninsula, which represents the first residential phase in the development of 80 hectares of the region over the next 15 years.

Bellway Homes is the developer, and it is due to start on-site late 2007 with residents moving in towards the end of 2009. It will be made up of one to four bedroom flats, maisonettes and townhouses. Sixty of these homes will be affordable housing, designed to meet Housing Corporation Scheme Development Standards.

Ted Ayres, Southern regional chairman of Bellway Homes, said: “ Greenwich Peninsula is London’s largest single regeneration project. This development will make full use of the location, providing residents with views of the Thames barrier, Canary Wharf and beyond.”