The approval of this permit marks a critical milestone, as the project has crossed the key threshold from planning to market entry and has officially entered the compliant sales stage.
The issuance of this White Paper is of critical importance, as it represents the DRE's final approval of the project's legal and financial structure. It provides paramount assurance to all stakeholders by confirming that the offering is transparent, financially sound, and in full compliance with California's stringent real estate laws. This foundational approval not only solidifies the project's credibility but also directly underpins its market valuation. In line with this,the latest valuation report indicates that following the permit's approval, the land value of the ONE Carmel project has now exceeded US$200 million (approximately HK$1.56 billion), while the total project value surpasses US$2 billion (approximately HK$15.6 billion).
Obtaining California's real estate sales white paper is widely regarded as a highly challenging milestone. The project must undergo comprehensive review covering land use planning, infrastructure construction, community governance structure, and funding supervision systems, and must satisfy more than 300 government approval conditions. Throughout the entire process, the developer is required to complete all infrastructure — including roads, water, electricity, and telecommunications — in advance; establish a Homeowners Association (HOA) with fully compliant legal documentation; and provide substantial completion bonds to ensure that future public facilities are delivered with required quality and on schedule. The issuance of this white paper signifies that the project has completed the government's full review of land planning, infrastructure, homeowner protection mechanisms, and fund supervision systems. It also represents the California Real Estate Department's recognition of ONE Carmel's extensive preparatory work and provides future homeowners with solid regulatory assurance.
ONE Carmel enjoys an exceptional geographical location, situated in the heart of Northern California's wealthiest residential region, adjacent to Highway 1 and surrounded by exclusive private estates. The area is enriched with world-class resources: it is a 10-minute drive from the Pebble Beach Golf Links — ranked No. 1 among America's public golf courses — and dozens of elite golf clubs nearby. Hollywood star Brad Pitt has a residence here; Clint Eastwood once served as mayor in this area; and Chinese master artist Chang Dai-chien once lived and painted in this remarkable landscape. Its cultural heritage and academic atmosphere together form the foundation of its irreplaceable and rare value.
ONE Carmel is located in Carmel Valley of Monterey County, California, covering 891 acres (approximately 3.6 square kilometers), and is planned for the development of 73 custom estate lots, with an average land size of approximately 4.38 acres each. After nearly eight years of development, the Phase I foundational works of this California top-tier real estate project — which has undergone more than 30 years of entitlement history — have now been completed.
According to the project plan, Phase I will prioritize infrastructure works for 36 lots, as well as public facilities at the community entrance, which are expected to be completed by the end of 2026. Meanwhile, design and construction of model homes and a wellness clubhouse will be launched concurrently to establish the foundation for future market exhibitions and customer experience.
The wellness center has officially entered the design stage and has reached cooperation intentions with several internationally renowned luxury brands and master designers.
Together, we will create a benchmark wellness experience integrating Eastern aesthetics, natural healing, and world-class lifestyle concepts.
At the same time, the design review and sales preparation for Phase I lots and custom residences have officially commenced and will be launched in phases to global high-end markets.
Beyond its unique natural advantages and human-centered cultural character, ONE Carmel is also committed to building a future community where technology and nature coexist. The project will integrate world-leading AI intelligent systems — including security robots, AI baristas, and smart concierge services — delivering immersive 24/7 service and redefining smart community living. In addition, ONE Carmel has exclusively developed ONE Plus, an AI-powered global luxury membership service platform designed for ultra-high-net-worth individuals, providing comprehensive solutions spanning real estate development, bespoke residences, global luxury travel, and full-spectrum lifestyle management. Its core advantage lies in integrating proprietary real estate assets, an exclusive membership ecosystem, and an intelligent service system, achieving a one-stop closed-loop experience from asset allocation to lifestyle management through a tiered membership structure.
Importantly, in October this year, DL Holdings launched the Real-World Asset (RWA) tokenization plan for the ONE Carmel project, transforming its US$40 million (approximately HK$312 million) shareholding into digital tokens via blockchain technology. This groundbreaking initiative not only provides special dividend distributions for shareholders but also pioneers a new investment model that integrates top-tier real estate with digital finance, advancing the digitalization of real-estate-backed assets in the industry.
Through eight years of dedicated development, ONE Carmel has deeply integrated natural endowments, cultural heritage, intelligent technology, and financial innovation. The approval of the sales white paper is not only the decisive milestone marking the project's transition from blueprint to market, but also an official endorsement of its development strength, financial safeguards, and compliance credibility. With government certification as its foundation and premium living as its core, ONE Carmel is creating an ideal living environment that spans both the physical and digital dimensions for the world's elite.
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