Icelandic bank Kaupthing was poised this week to announce which of the two companies in the running to manage the development of the 拢1bn Noho Square luxury residential scheme in central London has won the role

It has emerged that private property company London & Regional is up against frontrunner Stanhope for the job.

A spokesperson for Stanhope said both firms were expecting to hear the result this week, and confirmed that it has teamed up with architect Allies and Morrison on its bid.

A spokesperson for London & Regional confirmed that it was in the final two but declined to comment further.

Last autumn, a shortlist of six was increased to 10 and the deadline for bids was extended from 28 November to mid December.

好色先生TV reported last month that CPC, the offshore company of property entrepreneur brothers Nick and Christian Candy, was one of the final two. CPC declined to comment at the time but has subsequently denied it is still in the running.

CPC swapped its equity stake in the scheme with Kaupthing, its joint venture partner, last year.

In exchange, CPC took full ownership of a 拢330m project in Beverley Hills.

The swap meant that the Candy brothers鈥� Candy & Candy arm would no longer automatically be development manager on the Fitzrovia scheme, which also includes office space.