Builders close in on £1.5bn Silvertown Quays

Housebuilders Crest Nicholson and Barratt Developments are vying for a residential scheme that will kickstart the £1.5bn Silvertown Quays regeneration project in east London.

The companies are in talks with the developer, also called Silvertown Quays, over building a first phase of up to 800 homes, which would be worth £100m. A deal is expected to be signed within three months.

David Taylor, the developer's chairman, said: "Given the strategic importance of the site, we have discussed possibilities with a number of housebuilders. If the detailed discussions now taking place come to fruition, we would hope to be on site with a preferred bidder by the end of the year."

Beside the Olympic Village and King's Cross, Silvertown Quays is considered one of London's three big regeneration projects. It will be built in five phases, with the centrepiece, a 14,500 square metre aquarium, scheduled for completion ahead of the 2012 Olympics.