15 March 2009 (Sunday) - Shanghai Westwood II, a residential development of K.Wah International Holdings Limited ("KWIH" or "the Group") in the heart of Daning International Community in Shanghai, began third round sale today. Launch of the new units in Block 9 had over 300 potential customers lining up outside the sales office in the morning, and by afternoon 150 units were sold. Mr Wilson Chan, General Manager - Sales of KWIH, expects around 170 units to be sold on the day. Encouraged by the enthusiastic market response, the Group plans to open for sale certain premium units in Block 10 at RMB 23,000 per sqm, a 5% increase.
750 units sold bringing in RMB 1.5 billion
More than 60 potential buyers lined up at the sales office the night before. By dawn, the crowd swelled to more than 300, and within an hour after sale began, 30 units all on middle to lower floors in Block 9 were sold. The Group launched more new units, including 30 in Block 13 which were also swept up quickly by buyers. Till 3pm, a total of 150 units were sold, bringing the total number of units sold since the first round of sale to 750 units and the total amount of cash generated for the Group to RMB 1.5 billion.
Planned to launch premium units in Block 10 at 5% higher price
Mr. Chan said the strong sales were attributable to the latest marketing efforts and he launch of special units. Thus, the Group plans to launch certain premium units in Block 10 at tentatively RMB 23,000 per sq m, a 5% increase. Mr. Chan expected 170 units to be sold by the end of the day.
Block 10 has about 136 premium units, 28 of them are duplex flats of between 163 sq. m. to 168 sq. m. and the other 108 are three-bedroom units of between 154 sq. m. to 169 sq. m.
Introduction of Shanghai Westwood II
Shanghai Westwood is a large-scale residential project of K. Wah Group. Shanghai Westwood II comprises six apartment buildings with a total of 1,061 units of area between 71 to 169 sq. m. The project integrates the lifestyle of the Westwood community in Los Angeles, US in the architecture. Its wave-like silhouette stands out among traditional cubical architectural designs in Shanghai. The sales office, in a "time tunnel" like design, is also bold and unconventional. It takes visitors through past achievements of the Group and to the show flats.
Overlooking greenery that spans 680,000 sq. m., the project has one of the most spectacular green views in Shanghai that few other projects can match. The concept of “garden-in-apartment” is dream comes true for buyers. The six-metre high spacious lobby is an emblem of eminence. At a prime location, the project is close to the 250,000 sq. ft. Daning Commercial Plaza, the biggest commercial complex in Shanghai. It also has convenient access to transportation networks including elevated highways taking it to the city centre in a 10-minute drive and the Inner Ring and Middle Ring linking it with many other districts.
KWIH launched and sold Shanghai Westwood I, 1,300 units in all, in 2006 and 2007, and move-in began last year. Confident of the Shanghai property market, the Group will continue to focus on marketing of Shanghai Westwood II this year. |
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| Shanghai Westwood II sales brochures |
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| Latest view of Shanghai Westwood II |
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