Chinese architects unveil £800 MILLION skyscraper planned for London which will be tallest block of flats in Western Europe
AN £800 MILLION skyscraper will tower 770 feet over London as the tallest residential building in Western Europe, with work set to begin against a backdrop of anxiety over the capital's property market.
The Chinese-funded Spire London will house multi-million pound luxury apartments for the capital's super-rich, and will host a separate "poor door" for social housing tenants on the lower floors.
The sky-piercing structure will stand 150-feet taller than London's current tallest residential building the St George Wharf Tower in Vauxhall.
The Spire London, already dubbed the "Flower Tower" because of its orchid-inspired design, will rise over Canary Wharf and host 861 apartments spread across 65 floors.
Prices will start at roughly £600,000 for a small one-bedroom apartment and go up to roughly £3million for a three-bedroom duplex penthouse 700-foot high.
Affordable housing will make up 96 of the 861 flats.
Developers have insisted those tenants will still have equal access to communal facilities on the third floor including a creche, meeting rooms, games room, and "cultural space".
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A spa, an infinity pool, a gym, a jacuzzi, and a fitness studio will be on the 35th floor.
In the month after the Brexit vote house prices plummeted at many tower developments in the capital.
Some unfinished flats have been marketed below the original price set by the developer.
The Chinese-funded multi-million pound flats are being built amid anger in London that global super-rich investors are fuelling gentrification across the capital.
A rise in excessively wealthy overseas buyers has been driving some of the capital's traditional elite to poorer areas, according to the London School of Economics.
The skyscraper, which is being built by Shanghai-based Greenland Group, has been designed to provide panoramic views over the whole of London.
It will have the highest and most far-reaching views ever provided by apartments in the capital when it is completed in 2020.
But it will still be overshadowed by the world's tallest residential tower, which soars to 1,396ft at 432 Park Avenue in New York City.
Demolition work on the London site has already begun with initial piling set to begin early next year.
Yuliang Zhang, chairman and president of Greenland Group, said: "Spire London will create a new iconic landmark on the London skyline.
"This tower will be Western Europe's tallest residential building and underlines London's enduring status as a world-class city and destination.
"This is Greenland Group's most important project in Europe, and will deliver exceptional new homes for Londoners.
"Greenland Group operates across four continents and is a global leader in delivering high-rise residential buildings, and has already built or is developing four of the ten highest buildings in the world."
Spire London has been designed by architects Larry Malcic and Christopher Colosimo of multi-award winning firm HoK.
The design is inspired by the nautical history of the site and by the orchid flower, which has been cultivated in China for more than 3,000 years.
Three petals form the spire creating faceted glass facades and nautical style "prow" and "bow" contours.
The angled roof of the tower allows for outside terraces in the premier and penthouse apartments, whilst feature louvres allow for natural ventilation throughout the building.
Matthew Leitch, senior director at CBRE, said: "With its record breaking height, unrivalled views and dynamic architecture, Spire London is distinctly different to any other project being launched in Docklands.
"It stands apart from the current competition and we believe will attract buyer interest from both end-user and investor buyers from the UK and overseas."