Modern Australian
Men's Weekly

.

Hong Kong developer LOFTER Group achieved remarkable sales results after the government axed all property cooling measures

HONG KONG SAR - Media OutReach Newswire - 10 April 2024 - LOFTER Group (the Developer) has achieved remarkable sales results in its latest real estate development, Elize PARK. The Developer has witnessed an overwhelming response from buyers, with over 50% of the units being sold within a span of just one month after the Hong Kong government's announcement to lift all cooling measures in stamp duty.

Among the transactions made, the unit rate ranged from HK$22,125 to HK$29,025 per square feet, which outperformed other developments with similar offerings at the same time. The encouraging sales results came after the favourable government policy on stamp duty coupled with the Developer's market positioning and sales strategy.

Hong Kong developer LOFTER Group achieved remarkable sales results after the government axed all property cooling measures
Hong Kong developer LOFTER Group achieved remarkable sales results after the government axed all property cooling measures


Elize PARK, boutique residential development in core urban area, is positioned to be an affordable luxury

Elize PARK, LOFTER Group's latest boutique residential development in core urban area of Mong Kok East, is situated in the very heart of Kowloon, enjoying a prime location with convenient access to both Prince Edward and Mong Kok East MTR Station, both are just around 2 minutes' walking distance away. The superb connectivity ensures easy transportation and seamless connectivity to the rest of the city.

"We are thrilled with the exceptional sales results of Elize PARK. The affordability, combined with the exceptional quality and features of the development, has played a significant role in attracting buyers from diverse backgrounds." said Carol Chow, founder and chairperson of LOFTER Group. "The overwhelming demand and positive feedback we received from buyers further validate our commitment to create exceptional living spaces that exceed market norms. We are dedicated to deliver world-class living experience that combines luxury, comfort, and convenience."

Adding to its allure, Elize PARK benefits from its proximity to an upcoming 1,520,000 square feet commercial landmark architecture. This locality promises to bring a vibrant mix of retail, dining, and entertainment options, further enhancing the appeal of the area. Together with the existing retail malls surrounding Elize PARK, residents will enjoy a wealth of shopping and leisure options right at their doorstep.

The project sales and marketing plan and strategy

Elize PARK was first launched to the market in late-January 2024, when the residential market was less active, and Elize PARK being one of the first developments launched in 2024 successfully caught attention from the media, property agents and potential purchasers. After the relaxation of the cooling measures in stamp duty at the Budget Speech by the Hong Kong government in February 2024, Elize PARK, being a core location residential project, was greatly benefited. 12 units over total 52 units were sold in just 4 days' time with sales proceeds of over HK$80Million. The development then attracted bulk purchasers and there were one purchaser buying 2 whole floors in the development and another purchasing one whole floor in the mid-floor zone. These sales record successfully attracted attention in the market and the Developer then adopted a strategy to look for higher price rather than focusing on quantity and the latest transacted unit was at HK$29,025 per square feet. Within a month after all property market cooling measures are axed by the Hong Kong government, over 50% of Elize PARK units were sold with sales proceeds of over HK$200million. The sales results distinctly outperformed the other competitors in the market.

LOFTER Group has adopted a flexible sales strategy with all residential units being sold by tender, which is not the most common in Hong Kong. Elize PARK, was initially launched with a price list with an average unit price of HK$26,688 per square feet featuring 30 units. When compared to other new developments in the same district, though with different specifications, Elize PARK was recognized as being priced 25%-30% higher. This strategy successfully positioned Elize PARK as a high-end product with high-priced launch. The Developer later adopted a new sales strategy to be sold through a tender bidding process instead of sticking with the price list released. For developers, benefits of tender include the potential to secure the highest bid and retain the option not to sell if the desired price is not reached, potentially maximizing profits. Developers also maintain control over the timing and pace of the sale. For buyers, tender is time-efficient, eliminating the need to queue and wait for registration or unit selection. It also allows buyers to focus on units they are interested in, reducing the likelihood of impulsive decisions.

"Elize PARK stands out among new developments due to its shorter presale period and limited offering of only 52 units total, making it a rare project. The tender process offers more flexibility and better aligns with the product's targe market and buyers' needs, attracted a wide range of clients eventually, including local and Chinese investors and end-users, bulk-purchase buyers and even a renowned local artist." said Alvin Leung, Director of LOFTER Group.

LOFTER Group built a solid track record in the past few years

LOFTER Group, currently managing 8 redevelopment projects spanning across residential, retail, office and industrial asset classes with a project-under-management valued over HK$12,000million, covering a wide investor base from high-net-worth individuals, to family offices, to local fund houses, and to institutional real estate funds. LOFTER Group's latest acquisition in core Tsim Sha Tsui, was partnered with two international funds, BentallGreenOak and Schroders Capital to redevelop the site into a Grade-A landmark commercial tower in the heart of Hong Kong.

LOFTER teams displayed a strong capability in strata-titled acquisition, construction project management, sales and marketing in the Hong Kong property market. LOFTER Group is one of the fastest emerging players in the Hong Kong real estate market. With its solid track records in the past years, the Developer is set to expand further targeting to take up more landmark projects in Hong Kong.

Hashtag: #LOFTERGroup

The issuer is solely responsible for the content of this announcement.

LOFTER Group

Founded in 2012, LOFTER GROUP is a property developer based in Hong Kong. It is principally engaged in developing exceptional and high-quality residential, commercial, retail, and industrial properties. Leverage on its extensive experience, the Group is actively exploring a variety of opportunities for developing urban renewal projects across core districts of Hong Kong, with key focus on Grade A Commercial and Luxury Residential Projects. The Group vows to accommodate the needs of a diverse market and dynamic social policies, while maintaining a good balance between profitability, responsibility and sustainability.

Why Ugly Websites Sometimes Outperform Beautiful Ones

In the digital age, we're constantly told that first impressions matter, and nowhere does this seem more apparent than in web design. However, a cur...

TPD Claims & Super: What Does It All Mean?

Many Australians hear the term "TPD" in relation to their superannuation and feel completely lost. If you're scratching your head, wondering what it...

What Does Breastfeeding Feel Like? A Guide for New Moms

Frequently, numerous new mothers wonder, "What does breastfeeding feel like?" The feeling is different for each individual - a few describe it as a ...

Best Nail Care Routine for Frequent Nail Polish Wearers

For many people, nail polish is more than a beauty statement – it’s part of their everyday routine. Whether you love bold colours, chic neutrals...

Reinventing Research: How E-Libraries Are Changing Education Forever

A New Chapter for Learning For centuries libraries stood as temples of knowledge filled with shelves that smelled of dust and paper. Today the same...

Psychologists Explore Gestalt Vs Schema Therapy for PTSD Treatment

Recent research has revealed that in 2022, 1 in 9 Australians experienced post-traumatic stress disorder (PTSD). For some, this can significantly im...

Beyond Sunscreen: Building a Sun-Smart Culture in Modern Australia

Australia’s sun-soaked lifestyle is a defining part of its national identity. From beaches and sports fields to weekend barbecues and bushwalks, t...

What is Power BI & Why Should Your Business Use It?

In today's data-driven world, businesses are constantly searching for ways to gain a competitive edge. One tool that has emerged as a game-changer i...

From Service to Strength: How Aussie Veterans Are Rebuilding Their Lives with Everyday Support

Life after military service can bring new challenges. From physical limitations to mental health hurdles, many Australian veterans find everyday hou...

The Best Times of Year to Buy a Caravan

If you're shopping for caravans for sale, timing matters almost as much as the layout and features you desire. The calendar shapes price, stock and ...

The Growing Demand for Smart Living Through Home Automation

Technology has reshaped how we communicate, work, and travel—but now, it’s also changing the way we live at home. The rise of home automation i...

Beyond Clicks and Likes: Why Many Small Businesses in Australia Still Aren’t Leveraging Digital Marketing in 2025

Introduction In 2025, online marketing has become the driving force behind business growth for companies of all sizes. Yet, despite its proven effect...

Lighting Shop Perth: Your Comprehensive Guide to Choosing the Right Lighting Solutions

Lighting is a fundamental element in defining the ambiance, functionality, and aesthetic appeal of any space. Whether you are renovating your home, ...

Private Booze Cruisers – The New Must-Have Toy for Cashed Up Millennials

Did you hear that your 30s are the new 20s? We’ve finally rocked up that adult money and now it’s time to play with it. I was going for a walk ...

Grinding & Jaw Soreness: Signs You Might Need Night Guards and How We Protect Enamel

Waking with a tight jaw, tender muscles, or a dull temple headache is more than a bad night’s sleep. Many Australians grind or clench their teeth ...

Circular Interior Design: Furnishing with Salvaged & Reclaimed Materials

Circular interior design is gradually making its way from niche circles into mainstream Australian homes. At its core, this approach revolves around...

Invisible Braces vs Traditional Braces: Which Is Best for Adults?

Straightening teeth as an adult is common in Australia, and the options are better than ever. The two main choices are clear aligners, also called i...

Smoking, Vaping, and Healing: How Nicotine Affects Sockets and What you can do About it

Nicotine and oral surgery are a poor mix. After an wisdom teeth removal in Sydney, your body needs a stable blood clot and steady blood flow to rebu...