Dubai-based Arzan Wealth has purchased the 11-acre land at Crossharbour from Ashbourne Beech. It currently houses the Asda store.
The new owners said the proposed development would be aimed at "affordable and mid-level" residents rather than "wealthy international" customers.
The consortium is likely to put together an updated planning application for the scheme.
Like the previous proposal it will aim to rebuild the supermarket under the housing development.
Arzan Wealth's chief executive Muhannad Abulhasan: "The London residential property market has historically attracted foreign capital into luxury developments of highly priced apartments for wealthy international buyers.
"This has created a shortage of affordable and middle income residential units for the general London population, leading to intense political pressure to increase the supply of more affordable housing in London.
"We believe that this investment is well-positioned to address this large market requirement, and are confident that we can help provide a significant number of the kind of housing units the market desperately needs, while delivering superior risk-adjusted returns to our clients."
Mason Phillips oversaw the sale. It said UK firm 90 North, owned by James Khan and, RER, run by Ballymore director Tim Farrow, were working with Arzan Wealth.
The scheme has attracted criticism in the past for its scale. It will also see the closure of the only petrol station on the Isle of Dogs.