The sale of Project Wave has been one of the most eagerly awaited of the last year. Having initially attracted attention from billionaire Denis O’Brien, who hoped to build an aviation finance centre there, Nama decided to put the site on the open market some months ago.

On Wednesday, the 2.25- hectare site ended up in the hands of an international and Irish consortium after a tough bidding process.

Listed Singapore property investment company Oxley is providing the money. It is a highly professional outfit that, since going public in 2010, has worked on 27 different projects, initially in Asia but also in London.

Its founder, former police officer Ching Chiat Kwong, was born in 1965 to Shanghai migrants. He has, according to Fortune magazine, a net worth of $770 million.

Mr Kwong, when announcing record profits in August, said his firm's plan was to increasingly focus on Europe and emerging markets such as Myanmar, rather than Singapore.

Mr Kwong was known as the "Shoebox King" in his native Singapore for developing small, compact apartments, not unlike the previous owner of the Project Wave site developer, Liam Carroll.

The Singapore man has, however, repeatedly shown himself to be a top-class developer who is more than capable of delivering for Dublin.

Local partner Ballymore is a hugely-experienced developer who has previously worked successfully with Oxley in London.

The combination of Irish local expertise and overseas money promises to create hundreds of construction jobs.

It will leave a fresh imprint on Dublin's skyline. Combined with the new Central Bank of Ireland, it will help push the city more towards the mouth of the Liffey.

Things are finally moving in the North docks, an area with its cavernous half-built Anglo Irish Bank HQ, had become symbolic of Ireland’s bust.