Lend Lease is tipped to win the right to carry out a £1.5bn plan to transform the rundown Elephant and Castle in south London into 170 acres of upmarket flats and shops. Sunday Times

The Australian company, which was recently selected to build the Olympic village for the 2012 games, is competing against St Modwen.

The winner will be announced on Tuesday.

St Modwen had been regarded as favourite because it already owns the ugly pink shopping centre at the of the site.