China Resources Land's The Grand Jupiter I Sets New Price Record for 3-Bed Unit
SingTao · 1 SOURCESabout 4 hours ago2 MIN
Summary
China Resources Land's West Kowloon residential project The Grand Jupiter I has achieved a new price-per-sq-ft record for standard stratified units after selling a three-bedroom apartment via tender for approximately HK$15.62 million. The strong performance comes as its sister project, The Grand Jupiter II, prepares to launch sales with exceptionally high subscription demand that has already surpassed the 116-fold oversubscription threshold. The developer is set to announce expanded sales arrangements early next week.
Key Points
- Unit 3A-38C at The Grand Jupiter I spans 559 sq ft with a three-bedroom layout, sold through tender at HK$15.616 million (HK$27,936 per sq ft), setting a new benchmark for standard stratified units
- The development has accumulated 486 unit sales across price list and tender transactions, generating total proceeds exceeding HK$4.62 billion since its launch
- The Grand Jupiter II debuted its first batch of 85 units, comprising 21 one-bedroom, 38 two-bedroom, and 26 three-bedroom apartments ranging from 307 to 730 sq ft
- First-batch unit prices before discount range from HK$6.459 million to HK$16.832 million, translating to HK$20,153 to HK$23,821 per sq ft; after the maximum 16% discount, prices fall between HK$5.426 million and HK$14.139 million
- The project has received over 10,000 subscription forms, representing an oversubscription ratio exceeding 116 times, prompting the developer to consider additional unit releases
- The Grand Jupiter comprises six phases delivering approximately 2,200 units in total, with Phase II providing 407 units and targeting handover by late December 2028
Why It Matters
The record-breaking sale at The Grand Jupiter I and overwhelming oversubscription at Phase II demonstrate robust demand for new residential developments in West Kowloon, potentially influencing pricing strategies for upcoming projects in the area. With over 10,000 buyers competing for 85 units, the developer is positioned to significantly raise prices in future sales tranches, setting a benchmark for the local property market .
The record-breaking sale at The Grand Jupiter I and overwhelming oversubscription at Phase II demonstrate robust demand for new residential developments in West Kowloon, potentially influencing pricing strategies for upcoming projects in the area. With over 10,000 buyers competing for 85 units, the developer is positioned to significantly raise prices in future sales tranches, setting a benchmark for the local property market .