Latest news with #EmpireGroup
South China Morning Post
3 days ago
- Business
- South China Morning Post
First batch of flats in NWD-led Deep Water Pavilia goes on sale on Saturday
A consortium led by New World Development (NWD) on Saturday will sell the first batch of flats in a new residential project on the south side of Hong Kong Island after pricing them below neighbouring developments. The announcement comes as property consultancy Knight Frank expects home prices in the city to remain under pressure as developers continue to offer hefty discounts to reduce their inventories amid ample supply. NWD said on Tuesday that 138 flats in the 447-unit Deep Water Pavilia project in Wong Chuk Hang would be offered for sale at an average of HK$21,028 (US$2,680) per square foot. NWD owns 50 per cent of the project, which it is co-developing with Empire Group, CSI Properties, Lai Sun Development and MTR Corp. Prospective buyers have submitted 2,500 cheques – more than 18 times the number of flats available – for a chance to buy homes in the project. The project's first price list released last week was about 3 per cent lower than the initial price list of CK Asset Holdings' nearby Blue Coast II in October, and it undercut all of the completed projects in the Southside residential neighbourhood , according to data compiled by property agencies. The 447-unit Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout The price was around 30 per cent lower than the first batch at Road King Infrastructure's Southland project, the first phase of Southside, which launched in April 2021 at HK$29,689 per square foot. The units going on sale at Deep Water Pavilia include two to four-bedroom flats ranging from 455 sq ft to 1,261 sq ft. The prices of these units are between HK$8.5 million and HK$37.2 million, or HK$18,688 to HK$29,538 per square foot after discounts.
South China Morning Post
05-06-2025
- Business
- South China Morning Post
New World Development and partners set record-low price for Southside Hong Kong flats
A consortium of builders led by New World Development (NWD) priced a new residential project on the south side of Hong Kong Island below all neighbouring developments, as the embattled company seeks to whittle down HK$124 billion (US$15.8 billion) in debt. The developers priced 101 flats in the 447-unit Deep Water Pavilia project in Wong Chuk Hang at HK$20,932 per square foot. That was about 3 per cent lower than the first price list of CK Asset Holdings' nearby Blue Coast II in October, and it undercut all of the completed projects in the Southside residential neighbourhood , according to data compiled by property agencies. The price was around 30 per cent lower than the first batch at Southland, the first phase of Southside, which launched in April 2021 at HK$29,689 per square foot. Property deals in Hong Kong fell to a three-month low in May as caution prevailed amid heightened US-China tensions and stock market volatility. Residential transactions fell 10.3 per cent from a month earlier to 5,105, Land Registry data showed. The 101 units comprise 95 two-bedroom flats, two three-bedroom units and four four-bedroom homes, priced from HK$8.5 million to HK$37.2 million, or HK$18,688 to HK$29,538 per square foot after a 20 per cent discount. The first sale for the project – co-developed by Empire Group, CSI Properties and Lai Sun Development – could begin as soon as next week, according to NWD, which owns 50 per cent. The sale is expected to provide some relief for cash-strapped NWD, which said last week it would postpone interest payments, due this month, on four perpetual bonds totalling US$3.4 billion.
Yahoo
24-03-2025
- Business
- Yahoo
What's being built on this prime downtown Phoenix site? A new 24-story tower
Location: Southwest corner of Central Avenue and McDowell Road in central Phoenix Description: A 24-story apartment tower called "The Whitney" is being built on 3.3 acres. The developer plans to construct an 'L-shaped' building, with the tower on the hard corner of the site, and lower-rise commercial space along McDowell Road. The facility will have 320 units: 80 studios, 175 one-bedroom units, and 65 two-bedroom units. Amenities will include a rooftop pickleball court, a pool, fitness center, sauna and co-working space. Randy Grudzinski, a partner at Empire Group, the developer of several high-rise apartment towers in downtown Phoenix, said the company would like to see a large anchor retail tenant, like a specialty grocer, lease some of the commercial space. The smaller spaces are likely going to be mid- to higher-end dining, he said. History: Aspirant Development, a development arm of Empire, bought the land from Donnelley Financial Solutions for $13 million in March 2024. Donnelley had an office building on the site for a long time, but the building was razed before the sale. Aspirant is also responsible for building Astra, a tower that will eventually be the tallest in Phoenix. The former Chase Tower at First and Van Buren streets is currently Arizona's tallest building, standing at 483 feet. Tallest buildings: The 10 highest buildings in downtown Phoenix from Chase Tower to City Hall When will the work be done? A representative for Empire Group did not respond, but construction is already visibly underway. Sources: Reporting from Arizona Republic reporter Corina Vanek, who spoke with the Empire Group. Reporter Corina Vanek contributed to this article. Is there something under construction you'd like to tell us about or find out more about? Contact the reporter. Taylor Seely covers Phoenix for The Arizona Republic/ Reach her at tseely@ or by phone at 480-476-6116. This article originally appeared on Arizona Republic: New 24-story apartment tower being built on Central Avenue in Phoenix
Yahoo
14-03-2025
- Politics
- Yahoo
German court set to acquit alleged member of coup and kidnapping plot
The trial of a woman in Germany charged in connection with a failed coup and plot to kidnap the country's health minister appears to be heading for an acquittal. Both her defence lawyers and the prosecution on Friday argued for the 39-year-old to be set free. The senior public prosecutor said that the allegations against her had not been confirmed. The defendant was accused of being a member of a terrorist organization, preparing high treason and possessing knuckle dusters. She was alleged to have participated in planning a violent coup against the German government in 2022, which included a plan to kidnap Health Minister Karl Lauterbach. The prosecutor argued however the woman had approached the police on the fringes of a demonstration against the government's coronavirus measures in February 2022 and warned them of the impending crimes. "I also believe that she was afraid of reprisals from the group," the prosecutor told the higher regional court in the northern town of Celle. The defendant described in detail during the trial how she was recruited by the so-called Kaiserreichsgruppe (Empire Group), which was behind the plot. "They were completely unscrupulous, they didn't care that people would die," she said in mid-February. In his closing statement, the woman's defence lawyer emphasized that his client had warned the police and requested that she be acquitted. The verdict is to be announced on March 21. Several other courts across Germany continue to hear cases against alleged members of the Kaiserreichsgruppe.
