HONG KONG, Jul 18, 2022 - (ACN Newswire) - K. Wah International Holdings Limited ("KWIH" or "the Group") (stock code: 00173) launched premium residential property projects, Navale in Pudong New District, Shanghai, and Sierra in Jianye District, Nanjing, for sale this June. Both recorded satisfactory results. The first batch of units nearly sold out on the first launch day, and more units of Sierra have subsequently been launched on the market.
Located in Pudong New District of Shanghai, Navale occupies a total GFA of approximately 14,200 square metres (sq.m), providing more than 100 distinctive residential units with an area ranging from 73 to 314 sq.m. The project was unveiled in mid-June, and all units launched on the first day of sales have been subscribed, affirming to the market's confidence in the KWIH brand and the quality of its properties. The average transaction price of the units was RMB 127,000 per sq.m. Navale is situated by the riverside of Lujiazui, overlooking the bustling and beautiful Huangpu River. Built by EID Architecture, a world-renowned architectural firm. The facade of the building adopts a multi-layered wave design, which cleverly integrates the river view with the building. Located in the heart of an urban transportation hub with convenient transportation services, comprehensive facilities in the neighbourhood and a unique and stylish appearance, the project is set to become a landmark property in the region.
In addition, phase one of Sierra, the residential portion of a large-scale comprehensive development project located in Jianye District, Nanjing, commenced sales in June. The residential portion has a total GFA of approximately 125,000 sq. m., consisting of 11 high-rise residential buildings with approximately 856 units. It features a glass curtain wall facade and user-centric layouts. The project launched three residential blocks since June, in which almost all units were subscribed on the day of launch. Average transaction price of the units subscribed was approximately RMB 50,000 per sq. m. Sierra enjoys the advantage of convenient access to a transportation hub. Located in beautiful surroundings, the residences are close to ecological areas such as Nanjing International Friendship Park and Nanjing Yuzui Wetland Park, as well as a comprehensive range of amenities including commercial, entertainment and education facilities. The Group will continue to launch other residential blocks as planned. Construction of SIERRA commenced in the second half of last year and has been progressing well. It is expected to be completed in 2024.
Ms Paddy Lui, Executive Director of KWIH, said, "KWIH has been in the Mainland property market for three decades, and has adhered to the development philosophy of delivering exquisite properties with supreme quality. The Group's properties have been widely recognised by the market and users alike. The Group will seize market opportunities to further launch units at projects in Eastern China that have commenced sales activities. This includes Navale in Pudong New District, Shanghai; Cavendish in Jiangning District, Nanjing; Vetta in Xiangcheng District, Suzhou; and Avanti in National Hi-tech District etc. Meanwhile, the Group will continue to support the country's development strategies, participate in the development of the Yangtze River Delta and Greater Bay Area, with commitment to develop more iconic, quality projects including premium residential developments and comprehensive development projects to support the city development with the common vision of innovation and sustainability."
About K. Wah International Holdings Limited (stock code: 00173)
K. Wah International Holdings Limited ("KWIH"), listed in Hong Kong in 1987, is the property flagship of K. Wah Group. An integrated property developer and investor with a foothold in Hong Kong, the Yangtze River Delta and Pearl River Delta regions, KWIH encompasses a portfolio of large-scale residential communities and comprehensive development undertakings such as premium residential developments, Grade-A office towers, hotel and serviced apartments, and retail premises. Cresleigh Property, the property management arm of KWIH, delivers exceptional hotel serviced property management services guided by advanced and international standards in general to premium residential buildings, commercial facilities, office towers and real estate complexes. Driven by a keen market sense and a versatile strategy, and backed by strong financial capability, KWIH has built up a prime land reserve in major cities of China, and thus a strong foothold for future growth.
KWIH is a constituent stock of the Hang Seng Composite SmallCap Index, MSCI Hong Kong Small Cap Index and Hang Seng Stock Connect Greater Bay Area Composite Index as well as an eligible stock under the Shenzhen-Hong Kong Stock Connect programme. KWIH held a 3.73% stake in Galaxy Entertainment Group Limited (stock code: 00027) as of 31 December 2021.
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