Construction of the new Kingsbridge Terraces residential development in Barking is expected to complete in December 2018, following the sales launch last month.
The scheme, for which the contractor is locally based construction firm Jerram Falkus, comprises 27 maisonettes and houses, with car and cycle parking and open spaces, the scheme forms part of the wider regeneration of the Gascoigne Estate in Barking.
With sales launched last month, the properties are available under shared ownership, with an estimated monthly rent for a two-bedroom maisonette of is £550, with a minimum share value of £80,000 for 25% of the property.
The development is designed to help local people in Barking and Dagenham buy their own home with a mortgage deposit from only £4,000.
Cameron Geddes, cabinet member for social housing and regeneration at Barking and Dagenham Council, said: "The housing climate is not getting any easier for people to buy properties throughout London, but we are determined to give our residents a range of different housing options.
"Kingsbridge Terraces is yet another example of our borough-wide offer to provide homes of all tenures to meet everyone’s needs."
Property management company Glenny has been appointed as a consultant on a new development at an industrial site in Barking.
A new riverside development will launch next month, offering apartments on the Barking waterfront.
Work at a £1 billion development in Dagenham offering new homes and schools will start this spring, after planning permission was given last month.