With GBP120 mil sales, Opus signals resilient demand as London luxury market evolves
Opus is Bankside Yards’ tallest residential tower, standing at 170m or 50 storeys high (Photo: Native Land)
Nicholas Gray, executive director of London-based property developer and investment firm Native Land, was on a whirlwind tour at the end of January and early February, visiting Taipei, Hong Kong, Singapore, Dubai and Abu Dhabi — spending only a few days in each city. It marked his first trip to Singapore in over a year.
His travel schedule was a lot more hectic before. “Ten to 15 years ago, I was in Singapore 10 to 12 times a year,” Gray recalls in a recent interview with EdgeProp Singapore. That was the era when UK developers staged weekend property exhibitions in Singapore and Hong Kong, as well as Kuala Lumpur and Bangkok, actively courting Asian investors.
This time, there was no sales roadshow.
Gray: Buyers are needs-based owner-occupiers rather than investors — wherever they come from in the world (Photo: Native Land)
Gray was in Singapore to visit clients and joint-venture partners. Native Land’s latest project, Bankside Yards, is a joint development with Singapore investment company Temasek, Singapore-listed Hotel Properties and Malaysia’s Amcorp Properties. Designed and master-planned by London-based PLP Architecture, it is regarded as the UK’s first major fossil fuel-free, mixed-use development.
Founded in 2003, Native Land has long-standing ties with Asia, Gray notes. In 2012, the firm gained prominence with Neo Bankside, a mixed-use development in London’s South Bank that drew strong international interest.
Bankside Yards sits on a 5.5-acre (2.2ha) site beside Tate Modern — the former Bankside Power Station and one of the world’s most recognised modern art museums — and near the historic Blackfriars Bridge.
The latest development to debut is Opus, a 50-storey luxury residential tower and the first — and most opulent — of six residential buildings within the GBP2.5 billion to GBP3 billion ($4.3 billion to $5.1 billion), 1.4 million sq ft, mixed-use development fronting the River Thames.
From investors to owner-occupiers
Since Opus launched in London on May 1 last year, it has achieved GBP120 million in sales. Increasingly, buyers are “owner-occupiers rather than investors — wherever they come from in the world”, says Gray.
The living area of one of the apartments at Opus (Photo: Native Land)
The shift reflects a broader recalibration in London’s prime residential market, where lifestyle and long-term ownership are increasingly outweighing purely investment-driven purchases.
Most purchasers are UK-based, alongside “a healthy spread” of international buyers, primarily from mainland China, the US and Turkey. While buyers from Hong Kong, Singapore and Malaysia remain active, they are less dominant than in previous cycles.
Construction of Opus — the tallest tower at Bankside Yards — is underway, with completion scheduled for 2027. Units comprise studios, one-, two- and three-bedroom apartments, with prices starting from GBP850,000 for a studio, GBP1.15 million for a one-bedroom unit, GBP1.32 million for a two-bedroom apartment, and GBP2.99 million for a three-bedroom residence.
With the units’ full-height floor-to-ceiling windows, residents enjoy panoramic views of London (Photo: Native Land)
The apartments feature full-height, floor-to-ceiling windows and generous layouts. Amenities span four floors and include a padel court, bouldering wall, gym, 25m swimming pool, spa with hydropool, golf simulator, residents’ lounge, bar and restaurant with terrace. Concierge services will also be provided.
The hydrotherapy pool sits within The Arches, an amenity space for residents (Photo: Native Land)
Upon full completion, Bankside Yards will comprise eight buildings, including the upcoming Mandarin Oriental Bankside, targeted for completion in 2029. The hotel will feature 171 guest rooms and 70 branded residences, marking Mandarin Oriental’s third London property after Mandarin Oriental Hyde Park and Mandarin Oriental Mayfair.
The padel court at Opus is located at The Arches on the ground floor of the building (Photo: Native Land)
The first building to be completed at Bankside Yards was Arbor, a 19-storey, 223,000 sq ft, net-zero carbon office building delivered in 2022.
The development will be directly linked to Blackfriars Station, serving National Rail and the London Underground, and is within walking distance of Southwark, London Bridge and Waterloo stations — providing convenient access to the West End, Canary Wharf and the wider South East.
When it is fully completed, Native Land will appoint a professional managing agent to oversee operations and maintenance across the estate, says Gray.
Supply crunch supports rental demand
Beyond sales, London’s rental market remains resilient, with demand continuing to outstrip supply. According to Molior London’s January report, private-sector housebuilding in the capital has fallen 84% since 2015 — far below the estimated 88,000 homes required annually to meet demand.
Gray says the supply shortfall has been exacerbated by rising construction costs, planning constraints and higher borrowing rates over the past three years.
At the same time, London continues to attract international students and skilled workers. The UK’s globally recognised universities and relative political stability have reinforced its appeal, particularly amid geopolitical uncertainty elsewhere. “Our doors are open, and we’ve seen an uptick in international students coming to the UK,” he says.
With supply constrained, rents continue to rise. Rental demand remains especially strong in South Bank. Gray points to developments such as One Blackfriars, Southbank Place and Neo Bankside, where apartments are often leased immediately upon listing. “Some buildings even have waiting lists,” he notes.
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