Forth Ports has announced that it remains committed to the regeneration of Edinburgh's Waterfront, despite the current challenging property market conditions.

The firm said that the 30-year masterplan for the area around Leith's docklands will realise long-term value for shareholders, as it forecast that overall trading in the second half of the year would improve on the first half.

But the progress of the regeneration, which is thought to be the single biggest planning application ever lodged with Edinburgh City Council, is widely expected to be key to the future growth of Forth.

Chief executive, Charles Hammond, said: "We continue to make physical and planning progress in the regeneration of Edinburgh's Waterfront. Although short-term market conditions in property are difficult, we remain committed to realising long-term value from this unique development asset for our shareholders.


"Work has continued on the outline planning application for Leith Docks which was submitted to the council in September 2007 and we expect that this application will be formally considered by the planning committee in the second half. Work on the Hub outline planning application and masterplan is close to completion."

The company also said the new "European style" Asda supermarket on Western Harbour is expected to be open in time for the Christmas shopping season. The supermarket giant has pledged to create the new store out of "renewable resources" including a recycled aluminium roof, and has said it will use heat from its on-site bakery to warm storage areas.

Forth also said that plans for a new entrance to Ocean Terminal to complement the new tram stop are "progressing well". As well as the five ports on the Firth of Forth, the Edinburgh-based company also owns commercial ports at Tilbury on the Thames and Dundee on the Firth of Tay.

(GK/JM)