Lofter saga rumbles on as Mong Kok project renamed, owners push for quick sales
Distressed 139-unit project has been rebranded as One Edward, as owners seek to move on after death of Lofter founder Carol Chow Pui-yin
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.
“The owners are keen to accelerate sales, of course,” said Kenny Kong, project director and spokesman for One Edward Development Limited.
One Edward Development on Tuesday appointed Centaline Property Agency as the project’s exclusive sales agent and said its first sales arrangements could be announced within 48 hours.
One Edward published its sales brochure under its new name on Friday, making it the first residential project previously managed by Lofter to return to the market since Chow’s death.
The development received its occupation permit on June 25 and the units will be sold as completed flats. “We moved the handover to November as potential mainland Chinese buyers may need more time to arrange funds,” Kong said.