A team of engineers from Boston-based Spike Aerospace are developing a new supersonic passenger plane that can fly from New York to London in just three hours, said a report.

With room for up to 18 passengers, customers can work or relax in comfort and style.

Introduced earlier in 2013, the S-512 Supersonic Jet will see few updates made to its existing design which could boost the speed of the plane, said a report in Fox News.

The company claims that the new S-512 could reach a maximum speed of Mach 1.8 (2,205 km/h) -1.8 times the speed of sound.

Thanks to plane's newly designed delta wings and modified tail, which help reduce drag, or air resistance, the supersonic jet can reach blistering speeds.

"The new delta wing of the S-512 delivers high aerodynamic efficiency and improved flight performance in both low-speed flight and supersonic cruise," the report quoted Anutosh Moitra, a senior engineer at Spike Aerospace, as saying.

The estimated cost of the S-512 is between $60 million and $80 million, the report said.