Battersea Power Station has attracted more than a billion dollars worth of buyers since January, according to the developer who bought the site last summer.

Wealthy clients have already reserved, at a cost of £2,500, more than 95 per cent of apartments and townhouses which are collectively reportedly worth approximately £681m or $1bn.

Eager buyers have signed contracts on 824 of the 866 homes in Circus West, the project’s first phase, the Battersea Power Station Development Company (BPSDC) confirmed.

The news has reinforced London’s reputation as a haven in attracting increasing investment from overseas buyers, who make up half of the city’s new-home purchasers.

Rob Tincknell, the developer’s chief executive officer, said: "We’ve seen phenomenal interest which has continued unabated over the last few months.

"Circus West is one of the fastest selling developments in London in recent years."

The new Malaysian owners, SP Setia and Sime Darby, bought the 39-acre site for £400m in July.

The Battersea development is part of the Vauxhall Nine Elms Battersea Opportunity Area which is London’s largest redevelopment area and includes a new U.S. embassy and an extension of the London underground.