Construction company and property developer K Wah International Holdings said it had sold about one-third of The Palace, its 94-home complex on Broadcast Drive.

The flats in Kowloon Tong were sold at an average price of HK$7,000 per square foot.

The sales generated about HK$300 million in revenue.

K Wah Real Estates senior property manager Wilson Chan said sales of top-floor homes achieved a price of more than HK$8,000 psf.

The company also reported strong demand for its La Costa project in Ma On Shan.

Homes at La Costa were offered for sale beginning last November.

The company expects to reap revenues of HK$900 million and HK$1.4 billion respectively from the sale of the two projects that have a total of almost 700 homes.   - Dennis Eng    Hong Kong Standard   2 January 2003  

K Wah International (Holdings) will release for sale its luxury residential project The Palace in Kowloon Tong after Lunar New Year and expects to generate more than HK$1 billion.

K Wah Real Estate's deputy general manager of sales, Czarina Man, said: "The Palace will be the most expensive apartment in the Kowloon district . . units with sea views could be sold at more than HK$10,000 per square foot."

James Mong, K Wah Real Estate senior project manager, said the construction cost of The Palace was more than HK$2,000 per square foot - 40 per cent higher than the average cost of luxury residential developments.

The project would provide a saleable area of about 150,000 square feet, with 94 units of about 2,300 sq ft, and be finished by the end of this year, Ms Man said.

A consent for pre-sale of unfinished units had been issued.

Grand Excelsior, another luxury apartment developed by the company in the same district, has also received pre-sale consent.

Ms Man said the group might reserve it for long-term investment and release it for rent as serviced apartments by May.

She said the target rental was about HK$40 per square foot. Rental properties in Kowloon Tong average between HK$25 and HK$30 per square foot.

The project would provide 108 units, ranging from about 900 sq ft to 1,300 sq ft, and is expected to be completed early next year.

The group would also release a sea-view residential project in Ma On Shan for sale by the end of this year, Ms Man said. It is close to the future Ma On Shan Rail Station, and would provide 600 units ranging from 600 sq ft to 1,000 sq ft.

Mr Mong said the company would make known its opposition to the 15.2-hectare Sham Tseng reclamation proposed by the Government, since it could affect the view of its residential development between Sea Crest Villa phase one and phase two.

The project would provide 264 units at 600 sq ft to 800 sq ft, and be finished in 2004.  - by Sophia Wong    South China Morning Post    7 February 2002      


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