Lofter fallout: Mong Kok project renamed One Edward as new owners rush to sell
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
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 took over the development from Lofter. The relaunch could serve as a test case for the future of projects associated with Lofter, after company founder Carol Chow Pui-yin was found dead in May, with the developer facing mounting financial and legal pressure.
Key Points
- One Edward Development Limited appointed Centaline Property Agency as exclusive sales agent on Tuesday, with first sales arrangements expected within 48 hours
- The 139-unit project at 1 Ki Lung Street received its occupation permit on June 25 and will be sold as completed flats, with handover moved to November
- Lofter was removed from development and project management roles in February, retaining only a 1.5 per cent stake after the ownership group took over
- Project director Kenny Kong said potential mainland Chinese buyers may need more time to arrange funds, explaining the delayed handover
- Lofter, founded in 2012, pursued an asset-light strategy of acquiring and redeveloping ageing properties in urban districts before expansion faltered during the pandemic
Why It Matters
The One Edward relaunch marks the first Lofter-associated project to return to market since founder Carol Chow Pui-yin's death in May, potentially setting a precedent for how other troubled developments under the developer will be resolved amid ongoing financial and legal challenges .
The One Edward relaunch marks the first Lofter-associated project to return to market since founder Carol Chow Pui-yin's death in May, potentially setting a precedent for how other troubled developments under the developer will be resolved amid ongoing financial and legal challenges .