Prince Edward Project Launches First Batch of 19 Units via Tender After Restructuring
HK01 · 3 SOURCESabout 1 hour ago5 MIN
Summary
The Prince Edward residential project formerly known as UPPER PRINCE has launched its first batch of 19 units for tender after a major corporate restructuring. One Edward Development Ltd, the new operating company established by over 100 investors, took over project management from Lofter Group in February, months before founder Chow Pui-yin's death in May. The development appointed Centaline Property as exclusive sales agent on September 2, with tender bidding opening on Saturday and running through October 31. The project received its occupation certificate on June 25 and is scheduled for completion in November.
Key Points
- One Edward Development Ltd launched 19 units for tender on September 2, with bidding open until October 31, as the first phase of sales .
- The 139-unit development in Prince Edward consists of studios to three-bedroom flats, with saleable areas from 192 to 487 square feet .
- Lofter Group was removed as project manager in February 2024, with its equity stake reduced to just 1.5% through subsidiaries .
- Project director Billy Kwong (鄺紹民) revealed total investment exceeds HK$1 billion, with over 100 investors participating in the restructuring .
- Renowned investor Yam Tak-cheung, nicknamed the "Hong Kong Stock God," provides financing through Brilliant Port Finance (Asia) alongside Chong U Bank .
Why It Matters
The successful launch of Prince Edward's new sales team demonstrates how small investors can organise collectively to take control of developments when disputes arise with original developers. The involvement of high-profile creditors like Yam Tak-cheung signals continued confidence in Hong Kong's residential market, even as property developers face challenging economic conditions. This case may set a precedent for how residential projects handle ownership transitions when founding principals pass away unexpectedly .
The successful launch of Prince Edward's new sales team demonstrates how small investors can organise collectively to take control of developments when disputes arise with original developers. The involvement of high-profile creditors like Yam Tak-cheung signals continued confidence in Hong Kong's residential market, even as property developers face challenging economic conditions. This case may set a precedent for how residential projects handle ownership transitions when founding principals pass away unexpectedly .