Ruijing I Sets New Record with 58,000 Subscriptions for 101 Units
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
China Resources Land's Ruijing I project in southwest Kowloon has set a new benchmark for Hong Kong's new residential market, receiving over 58,000 subscription applications for just 101 units set to go on sale Friday. The development has claimed the "ticket king" title for new projects, with an oversubscription rate exceeding 573 times based on the latest price list. The developer expressed confidence in the final sales round scheduled for Saturday, citing diverse buyer sources including repeat customers and new entrants.
Key Points
- The development, Ruijing I in southwest Kowloon, received over 58,000 subscription registrations for 101 units, achieving a new oversubscription record
- The third tranche of 101 units comprises 42 one-bedroom, 38 two-bedroom and 21 three-bedroom apartments, with price-list prices ranging from HK$6.59 million to HK$16.71 million
- After applying the 16% discount, net prices range from HK$5.54 million to HK$14.04 million, with net price-per-square-foot between HK$17,789 and HK$22,777
- Sales are structured into Group A for bulk buyers (50 designated units, can purchase 2-4 units) and Group B for individual buyers (can purchase 1-2 units), plus 35 units via tender
- One tender transaction closed Thursday for Unit 3A, 36/F, C at 676 sq ft for HK$18.44 million or HK$27,284 psf, bringing total sales to 363 units worth HK$3.51 billion in two weeks
Why It Matters
The unprecedented subscription level for Ruijing I underscores persistent strong demand for new private residential units in Hong Kong's urban core despite broader market uncertainties, while the project's six-phase master plan delivering approximately 2,200 units signals China Resources Land's substantial long-term commitment to the local property market .
The unprecedented subscription level for Ruijing I underscores persistent strong demand for new private residential units in Hong Kong's urban core despite broader market uncertainties, while the project's six-phase master plan delivering approximately 2,200 units signals China Resources Land's substantial long-term commitment to the local property market .