Shanghai-based developer Greenland Group said a 67-story, 241-meter tower it is building in London is set to become the tallest residential building in Western Europe.

Despite market concerns over uncertainties about London's real estate landscape after the Brexit referendum, Chinese developers remain confident and optimistic about the future in the city.

The 800-million-pound ($1.06 billion) development with a gross floor space of 98,000 square meters in West India Quay at Canary Wharf, known as The Spire London, will be the second-tallest building in London when it is completed in 2020, just second to the 310-meter Shard.