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Peggy Ye

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.
Lofter acted as the project manager and was never the main owner of the development, according to Kong, with the underlying ownership group remaining unchanged before and after the restructuring.

After the board removed Lofter from its development and project management roles in February, the company retained only a 1.5 per cent stake, he said.
Founded in 2012, Lofter grew to become a well-known Hong Kong developer by pursuing an asset-light strategy focused on acquiring and redeveloping ageing properties in the city’s urban districts. But its expansion faltered during the pandemic, as interest rates rose and the property market experienced a downturn.
In May, Lofter and an affiliate were sued for HK$130 million (US$16.6 million), while another Lofter-linked asset – One Bedford Place in Tai Kok Tsui – was taken over by Bank of East Asia and later acquired by Singapore-listed Wee Hur Holdings.
The flats at One Edward range from 19 square metres to 45 square metres (205 to 487 sq ft). Kong said their prices would be set with reference to recently launched projects and that buyers could expect “a pleasant surprise”.
The sales push comes as Hong Kong’s housing recovery becomes more selective, with quick-turn investors retreating and demand concentrating in competitively priced projects in established urban areas.
“Buyers may expect the price to be a bit lower,” said Raymond Cheng, a veteran property analyst and research director of Mingze Capital International. “They may also ask whether the project’s previous financial difficulties have affected its overall quality.”
Rising rents could nevertheless strengthen the appeal of smaller flats to longer-term investors, with Centaline estimating One Edward could generate rental yields of about 4 per cent.
Cheng said a 4 per cent rental yield would be relatively high for Hong Kong’s residential market, suggesting the developer might need to price the flats conservatively to achieve that return.


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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


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.


Lofter saga rumbles on as Mong Kok project renamed, owners push for quick sales

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}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

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