7 July 2022

KWIH Launches Two Brand New Projects in Eastern China Region Records Satisfactory Sales Results

Navale in Pudong New District, Shanghai (Artist’s rendering)
Sierra in Jianye District, Nanjing (Artist’s rendering)
Sales activities at the sales office of Sierra, Nanjing in June.
Sales activities at the sales office of Sierra, Nanjing in June.

K. Wah International Holdings Limited (“KWIH” or “the Group”) (stock code: 00173) had ventured into Mainland China market for 30 years. Backed by its philosophy of “Impeccable Quality Superb Lifestyle”, its projects have been well received by the market and home buyers. This June, the Group launched Navale in Pudong New District, Shanghai and Sierra in Jianye District, Nanjing. Both projects received overwhelming responses and generated satisfactory sales results.

Located in Pudong New District, Shanghai, Navale has a total GFA of 14,200 square meters, offering over 100 residential units. All launched units were subscribed on its debut in mid-June, reflecting the market’s confidence in KWIH. The average transaction price of each unit was RMB127,000 per square meter, generating a total sales proceeds of approximately RMB 1.4 billion. At the Lujiazui Riverfront Section, Navale overlooks the bustling scenery of Huangpu River. Sitting on a network of urban transportation hubs, the project is close to Tangqiao Station of Metro Line 4 while adjacent to various highways, enjoying convenient transportation. The project is serviced by comprehensive ancillary facilities and will be a landmark in the district.

In addition, Sierra, the residential portion of Phase I of the Group’s mega- development project in Jianye District, Nanjing was launched to the market in June. The residential portion has a total GFA of approximately 125,000 square meters. The project comprises 11 high-rise residential buildings with approximately 856 residential units. The Group introduced the first block in early June and nearly all the launched units were subscribed as of that night. An additional block was then launched to the market in late June. Most of the launched units had been subscribed since the launch of the project, showing enthusiastic responses from the market. The average selling price of each unit reached RMB50,000 per square meter, generating total sales proceeds of over RMB 930 million. The Group will continue to launch the remaining buildings as planned. The construction of Sierra had been commenced in the second half of last year and processing well. It is expected to be completed starting in 2024. Situated in the core of the south of Hexi New Town and close to the central business district, the project is well-connected to all forms of transportation, adjacent to Wuhou Street Station of Metro Line S3 and Hexi Tram Line 1. The project is also near urban oases such as Nanjing International Friendship Park and Nanjing Yuzui Wetland Park and all-rounded ancillary facilities such as commercial facilities, entertainment, education resources and medical facilities.

KWIH will continue to complement the national development strategies and participate in the development of the Yangtze River Delta region area by delivering projects of distinctive quality and proactively seeking development opportunities. At the same time, the Group will continue the sales momentum of the launched projects in the eastern China region subject to market conditions to fulfil the market needs. They are Cavendish in Jiangning District, Nanjing; VETTA in Xiangcheng District and Avanti in National Hi-Tech District, Suzhou, etc.