Developers behind the conversion of Battersea Power Station into luxury flats have denied that wealthy foreign investors are "scrambling" to desert the scheme after several flats were sold at discount prices.

January 29: Wandsworth Council prepares to spend £100m in three years on housing projects

January 18: Battersea Power Station homes to be rented at 70 per cent below market rate

On Friday, March 4, City AM claimed that more than 50 flats in the iconic development had their prices slashed since January, some by 38 per cent.

However, the Battersea Power Station Development Company said that the price drops are because some who have decided to sell on their flats have been "ambitious" with their first asking price.

A spokesman for the company said: "The fact that owners who bought apartments off-plan have reduced their asking price for the re-sale of their property does not mean that there is ‘panic’ at Battersea Power Station, nor that investors are ‘deserting’ the development.

"Simply put – a very small number of investors / vendors tried their luck at ambitious re-sale prices, which, in some cases was more than 100 per cent the original price they bought the property for.

"Some have now adjusted their re-sale prices to more realistic levels and are still enjoying uplifts of 30-70% of what they originally bought it for. As such, this reduction does not accurately reflect the 'panic' described."

According to the BPSDC, 1,500 properties have been sold in two-and-a-half years.

City AM said that one four bedroom townhouse in the development was listed as £6m in July last year but was reduced to £4m in January, a discount of 38 per cent.

Another one bed was listed for £850,000 in April last year and is now on the market for £600,000 it is claimed.

Adventurer Bear Grylls is planning to move to the development with his family and has secured his property.