DEVELOPERS have been selected for the £750m regeneration of a housing estate.

Berkeley Homes and Southern Housing have been given the go-head to revamp the Ferrier Estate, Kidbrooke.

Greenwich Council chose them after reviewing tenders from four developers.

The project, which will be funded by the council and agencies including English Partnership, aims to transform the area into a housing and retail complex surrounded by greenery.

Known as the Kidbrooke Vision, the revamp will see 1,900 homes demolished and 4,398 new ones built in their place.

Of these, 1,891 houses will be affordable'. The area's population will rise from 5,100 to 11,000.

The 270-acre redevelopment, which will start next year and take up to 12 years to complete, will also have a shopping centre situated around a new transport network transforming Kidbrooke station and giving access to the Jubilee Line.

News of the redevelopment has received a mixed reaction from Ferrier residents.

Twenty-year-old Victoria Martin, of Gallus Square, said: "I'm really looking forward to getting a new home I can settle in with my daughter. There will be lots of greenery, which will be good for everyone, especially children."

But fellow resident Elizabeth Eve, 69, of Pinto Way, Greenwich, says she is one of the 160 homeowners who will lose their homes in the demolition.

She said: "We want to keep our homes. They can't expect us to up sticks, go away and find another property.

"They are offering me £93,000. Where am I going to find another four-bedroom house for this money?

"The council isn't being realistic. We are still up in the air about it all and are waiting to hear what happens next."

Cabinet member for housing and neighbourhood renewal Councillor Peter Kotz said: "This really is one of the biggest regeneration projects London has seen.

"It will lead to big improvements in the quality of life for those who live there."

Facts on the ferrier estate:

l The Ferrier Estate was built in 1974 by the Greater London Council.

l Around 5,000 people live on the estate.

l In recent years it was blighted by social problems such as fear of crime, feelings of isolation and higher-than-average levels of unemployment.