Latest news with #luxuryflats
South China Morning Post
2 hours ago
- Business
- South China Morning Post
New World ramps up luxury home sales in Hong Kong and mainland China
New World Development (NWD) is ramping up the delivery of residential projects in Hong Kong and mainland China after raising more than HK$13 billion (US$1.7 billion) from the sale of luxury flats in the city. The Hong Kong-based developer, which is undergoing the biggest debt workout in three generations of ownership by the Cheng family, will hold a ready-for-occupancy sale for The Pavilia Forest in Kai Tak in September, the company said on Thursday. 'This quarter, three luxury residential projects will be delivered, steadily accelerating capital recycling,' it said, noting that Hong Kong's primary property market was strong. More than 600 flats have been sold in The Pavilia Forest project, developed jointly by NWD and Far East Consortium, generating more than HK$4.2 billion in sales, the company said. The project will be handed over to buyers in September. The Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout Meanwhile, Deep Water Pavilia II , another joint project between NWD, Empire Group, CSI Properties, Lai Sun Development and MTR Corp in Wong Chuk Hang, recently offered 88 units in the first batch of sales for phase 5B comprising 378 flats. In total, 82 units were sold. NWD said as of Wednesday it had sold 500 units in Deep Water Pavilia and Deep Water Pavilia II, generating nearly HK$8.8 billion.
Reuters
17-07-2025
- Business
- Reuters
India's DLF says will consider partnerships as embarks on Mumbai luxury development
MUMBAI, July 17 (Reuters) - India's largest property developer DLF ( opens new tab expects to review offers from potential partners, as it works on a project to build luxury flats in a slum area of Mumbai that marks its return to the city, it said on Thursday. DLF left Mumbai more than a decade ago, when it sold off land to reduce debt and turned its focus to New Delhi and regions around the capital. It had since become one of India's largest luxury property developers, building premium and super-luxury projects. A major issue in Mumbai is a shortage of land, which the developers say means the only option is to redevelop slum areas and old apartment buildings, where they provide existing tenants with improved property in exchange for land they develop. "I can't say, give me clear, clean land, then I will operate," Aakash Ohri, joint managing director at DLF, told Reuters. In 2023, DLF decided to return to Mumbai by partnering with Trident Realty Group. On Thursday, it announced it was building a mid-range premium residential project, named "Westpark," based on providing improved accommodation for the existing tenants. They will get flats of around 300-350 square feet, with modern bathrooms and facilities, while the luxury apartments are three-bedroom and four-bedroom apartments of (1,100-1,500 sq. ft.), priced between $464,593 and $929,186. DLF is aiming to build the first four 37-storey towers, with more than 65 lifestyle amenities by 2029 and expects a turnover of $267 million from the project's first phase. Ohri said DLF has received nearly 20 proposals, mainly redevelopments from companies interested in working with it. Vishal Damani, CEO of DLF's metro cities projects, said the proposals would be assessed and that the company preferred to partner with local developers to manage tasks such as tenant rehabilitation, while it focuses on development.
BBC News
20-06-2025
- Business
- BBC News
Ban on second homes upheld on Salcombe luxury flats
People living in a seaside town have welcomed the rejection of a developer's bid to allow four new luxury flats being sold as second homes. A planning inspector has upheld a principal residency condition on all new build dwellings in Salcombe which means the flats are for sale only to people who live there."It's about keeping Salcombe a lived-in town, not just a postcard," said Salcombe Town Council after the ruling by a planning inspector on the flats at Brewery Valentine London said the condition made the flats "unsaleable" because potential buyers were put off. Residents of Salcombe said overturning the ban would create a "dangerous precedent" in holiday towns like Salcombe where nearly half of all dwellings are already second homes or holiday inspector said removing the principal residency condition would "undermine" the purpose of the policy to "redress the balance of an unquestionably high proportion of second or holiday homes in Salcombe".The inspector concluded the condition was "reasonable and necessary in the interest of ensuring the properties are only occupied as a principal residence".The town council said: "We want our streets to stay alive all year round, the school well-used, neighbours sharing a coffee and local shops and services supported by residents who call Salcombe home."Other coastal communities, like us with a substantial visitor economy and many houses not permanently occupied, have been closely watching this appeal. "This decision helps reinforce the shared importance of protecting space for permanent communities in areas under intense second-home demand." 'Not about exclusion' The council added: "We welcome everyone who loves Salcombe, whether you're here all year, some of the year, or just visiting. "What matters is that we work together to ensure Salcombe stays vibrant, resilient, and inclusive. "Supporting principal residence new homes is not about exclusion, it's about keeping the heart of Salcombe beating for generations to come."Valentine London declined to comment.
