Lofter saga rumbles on as Mong Kok project renamed, owners push for quick sales
A residential project previously managed by troubled Hong Kong developer Lofter Group is returning to the market under a new name, as its owners push to quickly sell the flats by courting mainland Chinese and longer-term investors with competitive prices. The 139-unit project at 1 Ki Lung Street in Mong Kok, formerly known as Upper Prince, has been renamed One Edward after its ownership group…
A 139-unit residential project in Hong Kong, previously managed by troubled developer Lofter Group, is returning to the market under a new name, One Edward. The project, located at 1 Ki Lung Street in Mong Kok, has been renamed after its ownership group took over from Lofter. The owners are eager to accelerate sales, with project director Kenny Kong announcing that sales arrangements could be announced within 48 hours.
The project's first sales brochure was published on Friday, marking the first residential project previously managed by Lofter to return to the market since the death of company founder Carol Chow Pui-yin in May. The occupation permit for the development was granted on June 25, and the units will be sold as completed flats. Lofter acted as the project manager but was not the main owner, retaining only a 1.5% stake after being removed from development and project management roles in February.
The project's prices will be competitive, with units ranging from 19 to 45 square meters (205 to 487 square feet). Analyst Raymond Cheng suggests that a 4% rental yield for the project, while relatively high for Hong Kong's residential market, could be achievable if the developer prices the flats conservatively to attract short- and long-term investors.
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