Ludgate House and Sampson House next to Blackfriars Bridge have been sold by their American owners to a consortium led by Malaysian and Singaporean investors.
In autumn 2013 Southwark councillors approved plans by the American Carlyle Group to demolish Ludgate House and Sampson House and build 500 luxury homes.
The Bankside Quarter scheme includes no on-site affordable housing but Southwark Council will receive a windfall of £65 million to £100 million towards its plan to build new council homes across the borough.
Ten years ago the same site changed hands for £228 million.
Now Carlyle Group has sold the site for £308 million to a Jersey-registered international consortium.
The consortium – Bankside Quarter (Jersey) Ltd – is 60 per cent owned by Singapore's Temasek and Hotel Properties Limited
A further 30 per cent is owned by Malaysia's Amcorp Properties, with the final 10 per cent held by Native Land which will manage the development.
Alasdair Nicholls, chief executive of Native Land, said: "The development of the Bankside Quarter will set the seal on London's finest emerging location.
"By unblocking routes through this strategically important site as well as significantly enhancing the public realm the area will become even more popular for residents, businesses and visitors from across the globe.
"The project will also deliver much needed private and affordable housing in the borough, where there is a shortage of supply.
"The consortium which has been assembled to deliver the project represents the best in international development and funding expertise. We are confident that we can deliver a major new destination for London, adding to the strong foundations already laid in the Bankside area."
Native Land intends to building the project in a series of phases, with the first phase including a 49-storey tower replacing Ludgate House.