The government has vowed that the Farrell's-masterplanned regeneration of the Greenwich Peninsula will prove to be a major success.
Ministers yesterday rallied behind plans to transform the area - which takes in the Millennium Dome - arguing that the scheme was set to become an exemplar for the Thames Gateway.
They were responding to a House of Commons Public Accounts Committee report from earlier this year that questioned the value for money of the scheme and the ability of English Partnerships to deliver the project.
Minister for London Jim Fitzpatrick insisted that the deal, which sees American entertainment group Anschutz take over the Dome itself, would help transform the East End.
Fitzpatrick said: 'The government remains confident that English Partnerships and their private-sector partners will deliver a first-class example of a sustainable community.
'This deal offers fantastic value for money for both taxpayers and local residents. Greenwich gets 10,000 new homes - more than a third of them affordable - as well as new shops and offices, high-quality public spaces and transport improvements.
'The regenerated communities will benefit from contributions to roads, schools, health and environmental and cultural initiatives while the taxpayer can look forward to £550 million in cash receipts over the life of the deal,' the minister added.