SAN FRANCISCO, Dec. 21, 2020 /PRNewswire/ — The Board of Supervisors of the Monterey County, California held a hearing on the final approval of the ultra-luxury residential project, ONE Carmel. The County Supervisors voted 5-0 to give the project the green light, bringing new development and opportunities to the last piece of land in the Carmel Valley that has waited for 30 years.

ONE Carmel is an 891-acre (about 3.6 sqkm) premium real estate development project in the San Francisco Bay Area on the West Coast of the United States. The project plans to develop a premier community with 73 ultra-high-end residences in the Carmel Valley, with an average area per residence of 4.38 acres (about 17,735 sqm). Carmel is the most famous holiday and residential resort on the West Coast of the United States. It has a seaside town that is over a century old, dozens of golf courses, wineries, and racecourses. Carmel is famous for being highly sought-after and it is a favorite for wealthy families in North America, especially young tech talents in Silicon Valley. Famed Hollywood movie star Clint Eastwood was a mayor of Carmel and currently resides in the region. Data show that the price of luxury residence in this region has exceeded USD 15 million.

In 2017, DLC Capital Partners (a related company of DL Holdings) purchased the 891-acre “September Ranch” from the Morgens family and changed its name into “ONE Carmel”. The Morgens family has owned this land in the Carmel Valley since 1966. The Morgens started an application of development of the land in the 1990s and received a planning permission in 2006. 11 years later, DL’s takeover made the development ONE Carmel truly a reality.

According to the plan, DLC Capital Partners will start the development of the first phase of the project in early 2021. In 2020, the HKEx-listed DL Holdings Group Limited (1709.HK) invested USD 500 million in the project at the valuation of USD 3500 million, accounting for 27.06% of shares. The investment has been approved through extraordinary general meeting on December 11 and also approved by the Hong Kong Stock Exchange. The transaction will be completed soon which will confirm DL’s participation in the development of the most renowned land in Northern California.

DL Holdings Group Limited is listed on the main board of the Hong Kong Stock Exchange. Its main business is providing a full suite of financial investment services for ultra-high net worth family clients and their corporate groups in the Asia-Pacific region, including family office services, securities investment, alternative investment, insurance trusts etc. According to the company’s 2020 interim report, after 6 months since the appointment of a new management of the listed company (1709.HK), the company turned from loss to profit, recording a net profit of HKD 66.3 million and an increase in gross profit margin of more than 300%.

Being optimistic about the prospects of the ONE Carmel project, Crystal Jiang, Chairman of the Board of Directors of DL Holdings, said “even though the pandemic has brought a huge impact on the global economy, it has also changed the living style of many, especially wealthy families, and their views on the living environment. More and more family clients wish to own exclusive properties and land in order to form a closer social circle. In the future, our multi-family office business will grow into a cross-continental business.” Crystal Jiang also mentioned that several Silicon Valley tech leaders had expressed their strong interest in the project and had hoped to use this as an opportunity to build a 21^st century smart eco-community.