Ruijing I Condo Project Draws 26,000 Subscriptions, First Batch Prices Start at HK$5.3M
SingTao · 2 SOURCESabout 3 hours ago7 MIN
Summary
China Resources Land (Overseas) and China Resources Group jointly developed the Ruijing I project in Southwest Kowloon, launching 102 units in the first batch with prices ranging from HK$5.298 million to HK$12.371 million, translating to net prices of HK$16,538 to HK$19,291 per sq ft and an average net price of HK$17,880 per sq ft . Managing Director of China Resources Land (Overseas) Shi Weixian described the first batch pricing as "the winning price for West Kowloon," noting this marks the first new residential supply in the area in nearly a decade . Subscription response has been exceptionally strong, with over 26,000 tickets received by yesterday afternoon, exceeding the 180 priced units by 143 times, making it the most-subscribed development in Kowloon this year . The developer announced the first sales arrangement, with票cutoff at 11:59 pm that evening and first-round sales commencing this Saturday (March 22), covering all 180 priced units plus 21 tender units for a total of 201 units .
Key Points
- Ruijing I is a rare large-scale comprehensive development in Southwest Kowloon, introducing the "China Resources MIXc Life" commercial concept
- First batch of 102 units includes 18 one-bedroom, 66 two-bedroom, and 18 three-bedroom units ranging 304-657 sq ft
- The cheapest unit is Flat C, 5/F, Tower 3B, 304 sq ft one-bedroom at HK$5.298 million (HK$17,428 psf)
- Developer released Price List No.2 on March 17, adding 78 units with net prices from HK$5.926 million to HK$13.236 million
- Maximum discount of 16% (18% for eligible buyers including group employees and Kai Tak Yun Jing purchasers) available
- Group A (big-money buyers) gets priority selection, with 82 units reserved; they may purchase 2-4 units including at least one three-bedroom
- Project comparison shows Ruijing I is approximately 6% cheaper than South Station's Manthei first batch in 2017 and significantly below 2018-2021 peak prices
Why It Matters
The overwhelming subscription response to Ruijing I, priced at a substantial discount to nearby secondary market transactions (currently around HK$23,600-25,200 psf), signals robust demand for competitively priced new homes in West Kowloon . Industry observers expect professional buyers and medium-income families to dominate purchases, with rental yields potentially reaching 4% given current area rents exceeding HK$60 psf . This launch could set pricing benchmarks for upcoming developments in the West Kowloon corridor, particularly as the古洞北 project PALO SPRINGS recently priced comparable one-bedroom units at approximately HK$5.057 million .
The overwhelming subscription response to Ruijing I, priced at a substantial discount to nearby secondary market transactions (currently around HK$23,600-25,200 psf), signals robust demand for competitively priced new homes in West Kowloon . Industry observers expect professional buyers and medium-income families to dominate purchases, with rental yields potentially reaching 4% given current area rents exceeding HK$60 psf . This launch could set pricing benchmarks for upcoming developments in the West Kowloon corridor, particularly as the古洞北 project PALO SPRINGS recently priced comparable one-bedroom units at approximately HK$5.057 million .