China Resources Ruijing I Launch Draws Record 26,000 Subscriptions, 143x Oversubscribed
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
China Resources Land (Overseas) will launch 201 units of its first-phase Ruijing I project in southwest Kowloon on Saturday, receiving over 26,000 subscription registrations in just 5.5 days . The units range from HK$5.298 million to HK$13.236 million after a maximum 16% discount, with price-per-square-foot between HK$16,538 and HK$21,128 . The development sits on the former Wan Fa Warehouse site, acquired through a record land compensation of over HK$13.7 billion .
Key Points
- Ruijing I received approximately 26,000 subscription registrations in 5.5 days starting May 13, representing 143 times oversubscription for the 180 price-listed units
- Discounted prices range from HK$5.298 million to HK$13.236 million, with price-per-square-foot between HK$16,538 and HK$21,128 after maximum 16% discount
- Four payment plans available, with 90-day cash payment offering the highest 16% discount; additional 1% discount for China Resources employees and previous Wan Kin buyers
- Project divided into A, B1, and B2 groups: Group A (bulk buyers) can purchase 2-4 units, Group B1 (employees) max 1 unit, Group B2 (regular buyers) max 2 units
- The site, formerly Wan Fa Warehouse on Fat Tseung Street, was acquired through land compensation of over HK$13.7 billion, one of the largest such cases in recent years
Why It Matters
The overwhelming subscription response reflects persistent strong demand for new private residential units in Hong Kong, despite market concerns about interest rate trends . The project's land compensation cost of over HK$13.7 billion underscores the premium value of urban redevelopment sites, setting a benchmark for future development projects in the area .
The overwhelming subscription response reflects persistent strong demand for new private residential units in Hong Kong, despite market concerns about interest rate trends . The project's land compensation cost of over HK$13.7 billion underscores the premium value of urban redevelopment sites, setting a benchmark for future development projects in the area .