KWIH Launches Two Mainland Projects in May and Records Satisfactory Sales Results test
K. Wah International Holdings Limited (“KWIH” or the “Group”) (Stock code: 00173) has been adhering to its development philosophy of delivering exquisite and niche projects, thus its property projects are well received by the market and home buyers. In this May, the Group launched Azure, located in Pudong New District, Shanghai within the Yangtze River Delta and Bayview, located in Songshan Lake District, Dongguan within the Greater Bay Area. Both projects received overwhelming responses and generated satisfactory sales results.
Located in Pudong New District, Shanghai, Azure offers a total of 229 units. The project enjoyed an enthusiastic response from home buyers, with all units sold out on the first day of its launch. The average transaction price of each unit and total sales proceeds were RMB83,000 per square meter and over RMB2.3 billion respectively. With a prime location in Jinqiao, Pudong New District and adjacent to Lujiazui Financial and Trade Zone and Zhangjiang High-tech Park, Azure offers excellent development potential. The project is well-connected to all forms of ground transportation with proximity to Metro Lines 6, 9 and 14 which guarantee direct access to every part of the city.
In addition, the Group had launched Bayview in Dongguan last December. As of the first quarter of this year, the Group had introduced around 380 units in four blocks which were almost sold out. Two additional blocks had been released in mid-May. More than 90% of the launched units had been sold since the launch of the project. Bayview is situated in the central living area of Dongcheng, Songshan Lake and Chashan in Dongguan with a panoramic river view. Residents are just half an hour away from Guangzhou via the Guangzhou-Shenzhen Railway and one hour away from Hong Kong, enjoying the benefits of the "one-hour living circle" in the Greater Bay Area. The project is also near a central park of about 30,000 square meters and is serviced by comprehensive ancillary facilities including commercial, entertainment, education and medical facilities.
In the second half of this year, KWIH will continue to put the remaining units of the launched projects to the market, as well as launching new premium projects in the Greater Bay Area and the Yangtze River Delta region. These include Cosmo in Huadu District, Guangzhou, the project at Lot 2019-WG-29, Gaotiexincheng, Xiangcheng District, Suzhou and the project at Site G89 in Jiangning District, Nanjing.
In terms of development, KWIH successfully acquired a development project in Shanghai through a joint venture in April. Located on Siping Road in Hongkou District, the project is adjacent to Youdian Xincun Station of Metro Line 10. It has a total GFA of approximately 47,000 square meters for residential, commercial and office use. The first batch of residential units is expected to be released to the market by the end of this year.
Currently, with its abundant saleable resources in Hong Kong, the Greater Bay Area and the Yangtze River Delta, as well as a solid financial position and flexible sales strategies, KWIH has forged a firm foundation for future profitability. Moreover, the Group resolves to continuously adopt a prudent yet aggressive strategy and proactively evaluate land parcels with outstanding development potential in a bid to drive the long-term development of its business.
