Ruijing I Opens 180 Units with Record 47,000 Subscriptions, Market Expects Full Sell-Out
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
China Resources Land (Overseas)'s Ruijing I in Southwest Kowloon conducted its first-round sale of 180 units on Saturday (June 22), receiving 47,101 subscriptions—representing an over-subscription of more than 260 times, making it the all-time record holder for first-round new project subscriptions in Hong Kong. More than a thousand prospective buyers and property agents gathered at the sales centre in Tsim Sha Tsui. One major buyer purchased four units for nearly HK$40 million, while another acquired three units for approximately HK$32.65 million. Industry observers predict the project will achieve complete sell-out.
Key Points
- Ruijing I received 47,101 subscriptions for 180 units at first launch, breaking the previous record held by Sun Hung Kai's SIERRA SEA 2B (42,517 subscriptions)
- One major buyer spent HK$39.98 million acquiring four units (two 2-bedroom and two 3-bedroom units) for self-use and long-term investment
- Another investor purchased three units (two 3-bedroom and one 2-bedroom) for approximately HK$32.65 million for rental income
- Buyer composition: end-users dominate at 60-70%, investors at 30-40%, with mainland buyers accounting for 20% of total
- Geographic distribution: Kowloon buyers lead at 50%, New Territories at 30%, Hong Kong Island at 20%
- First-batch units priced from HK$5.298 million to HK$13.236 million after maximum 16% discount, with unit sizes ranging 304-657 sq ft
- Discounted prices range HK$16,538 to HK$21,128 per sq ft; expected rental yield approximately 4.5%
- Project comprises 507 units in Blocks 3A and 3B, with expected handover date of November 25, 2028
Why It Matters
The overwhelming response to Ruijing I signals a significant release of pent-up demand in Hong Kong's primary property market. With industry insiders projecting June's first-hand transactions to reach 1,200 units—a three-month high—and secondary market transactions rising 30% month-on-month, the success of this project could encourage other developers to accelerate their sales timelines, potentially revitalizing the broader property market .
The overwhelming response to Ruijing I signals a significant release of pent-up demand in Hong Kong's primary property market. With industry insiders projecting June's first-hand transactions to reach 1,200 units—a three-month high—and secondary market transactions rising 30% month-on-month, the success of this project could encourage other developers to accelerate their sales timelines, potentially revitalizing the broader property market .