The project, which will create 119 new homes on the site of the former Elmgrove Elderly People's Home, is being billed as a key regeneration scheme for the suburb.
Backed by the ASRA Greater London Housing Association, 50 per cent of the development will be dedicated to affordable housing, with flats ranging in scale from one-bedroom apartments to four-bedroom duplex units.
Daria Wong, a director at Alan Camp Associates, said she hopes the project will become a gateway landmark to Plumstead and help attract inward investment.
She said: 'The objective was to create a building that fulfilled the development potential of the site.
'It is the first step in the regeneration of Plumstead and will contribute towards re-establishing Plumstead High Street as a coherent business centre.'
The development will boast a number of rooftop solar panels to provide hot water and supply 10 per cent of the total energy consumed by the residents.