KWIH Luxury Residences The Palace and Grand Summit in Shanghai City Centre Sold Over 160 Units at Record High Prices

Jul 20, 2015 18:12 JST

Source: K. Wah Group

HONG KONG, Jul 20, 2015 - (ACN Newswire) - K. Wah International Holdings Limited ("KWIH" or the "Group") (stock code: 0173) launched The Palace II, an elegant French-style luxury residential project in a prime location in Xuhui District of Shanghai city centre, on 23 May 2015. Over 60 units, ranging from 140 to 200 sqm, were sold within a month. Grand Summit, another luxurious residential project at a prime location in Jingan District of Shanghai, has also sold over 100 luxury units ranging from 190 to 220 sqm since its debut last September. The two city centre properties were sold at an average selling price of nearly RMB100,000 per sqm, placing them in a leading position in Shanghai high-end residential market.

KWIH Luxury Residences The Palace and Grand Summit in Shanghai City Centre Sold Over 160 Units at Record High Prices

Paddy Lui, Executive Director of KWIH, said, "The Group has seized the opportunity of the recent conducive market environment to launch The Palace II in Shanghai, which becomes a much sought-after luxury property with more than 60 units quickly snapped up by the market. With the 60 years of K. Wah's distinguished brand, unique architectural design, the superior location and exceptional layouts, we are confident that The Palace II and Grand Summit will continue to receive positive responses from the market and deliver sound sales performance for the Group."

Stanford Residences Jing An scoops Best Located Serviced Apartment
Stanford Residences Jing An, serviced apartments in Grand Summit, was also launched in the first quarter of the year. The project is appealing to both local and expatriates of multinational corporations and financial institutions in Shanghai. Coming into operation in the second quarter, it has garnered the 2015 Best of Shanghai Awards - Best Located Serviced Apartment on the back of its unparalleled location and delicate five-star services.

Eight quality projects in the pipeline for launch
Year-to-date, eight residential projects earmarked for launch are well underway and are well received by the market. Apart from the two high-end projects in Shanghai city centre, the Group is also launching new projects in tier-one cities such as Hong Kong and Guangzhou. For Hong Kong, Twin Peaks (100% owned) and Corinthia By The Sea (40% owned) were launched in the first and second quarter this year respectively. The two projects along the Tseung Kwan O railway line received encouraging responses with over 95% of units sold in each of them. As for Guangzhou, Phase 2 of J Metropolis, a large-scale quality residential project in Huadu District, and J Wings, Phase 2 of the integrated development project Huadu Jiahua Plaza, all together sold more than 700 units. Later this year, the Group targets to launch the Long Ping Station project in Hong Kong, Phase 3 of J Metropolis in Guangzhou and Phase 2 of Silver Cove in Dongguan respectively.

Ms. Lui concluded, "The Mainland economy is entering into a "new normal" of mild and sustainable growth. Together with the timely relaxation of controlling measures, it is believed the Mainland property market will continue its steady development in the second half of 2015. Looking ahead, KWIH will continue to uphold the commitment of developing premium niche properties and offer quality projects to customers in order to continuously drive steady development in our core business. Together with a well-defined project development pipeline and marketing plan, we are confident in realizing our goal of continuous asset turnover to increase shareholder value."

About The Palace
The Palace sits on the prestigious location of Jianguoxi Road in Xuhui District and represents an iconic luxury residential project in this locality. It has drawn widespread attention since the debut of Phase 1, garnering numerous awards and recognition for its architectural design and green landscape. Featuring "COSMO CHATEAU LIVING", The Palace II offers 185 luxury units in total, comprising two-bedroom and three-bedroom layouts ranging from 140 to 200 sqm, as well as luxury garden units.

As an upscale French-style community, The Palace II inherits the architectural style of a traditional French chateau. It exclusively features a near 10,000-sqm French-style imperial garden developed by a respected design firm to create a private oasis for its residents. Its spacious 3,600-sqm clubhouse, Club du PALACE, comes with high-end amenities including a thermostat controlled swimming pool, private ballroom, multi-purpose entertainment room and fitness centre. Designed by internationally renowned architect, Steve Leung, it showcases a perfect use of dynamic spaces to recreate the captivating ambience of a legendary French mansion that leaves ones spellbound. In addition, KWIH has appointed Savills Property Services to provide world-class professional management services, which would offer residents an all-rounded comfortable living environment.

Website: www.the-palace.com.cn
Enquiry hotline: (8621) 6466 3333
Sales office: No. 236, Jianguoxi Road, Xuhui District, Shanghai

About Grand Summit
Grand Summit consists of six mansions lined from East to West with all south-facing units boasting panoramic views. The project offers exquisite units with practical layouts that boast good ventilation and high efficiency, featuring 3, 4 and 5-bedroom units from 170 to 340 sqm. Strategically situated in the CBD of Nanjing West Road in Jingan District, which is known as the Fifth Avenue of the Orient, Grand Summit is in proximity with the top commercial circle, offering comprehensive modern lifestyle with the most preferred ancillary facilities and adjacency to high-end shopping malls which feature over one thousand top international brands.

Website: www.grand-summit.com.cn
Enquiry hotline: (8621) 5238 2333
Sales office: Lane 1999, Xinzha Road, Jingan District, Shanghai

Contact:

K. Wah International Holdings Limited
Shelly Cheng   Tel: (852) 2880 1853  Email: shellycheng@kwah.com
Irene Lau      Tel: (852) 2960 3386  Email: irenelau@kwah.com
Brian Wong     Tel: (852) 2960 3393  Email: brianchwong@kwah.com
Fax: (852) 2811 9710

Strategic Financial Relations Limited
Iris Lee      Tel: (852) 2864 4829  Email: iris.lee@sprg.com.hk
Maggie Au     Tel: (852) 2864 4815  Email: maggie.au@sprg.com.hk
Kylie Chan    Tel: (852) 2114 4990  Email: kylie.chan@sprg.com.hk
Fax: (852) 2527 1196

Source: K. Wah Group
Sectors: Daily Finance