The Sterling I Sells Out 133 Units in Second Round, Raking in HK$1.18 Billion
Thestandard · 1 SOURCESabout 3 hours ago1 MIN
Summary
China Resources Land's The Sterling I in Southwest Kowloon sold all 133 price-list units during its second round of sales on Saturday, generating over HK$1.18 billion . The project has now sold 359 units in total, fetching nearly HK$3.44 billion and expects to roll out additional units shortly . A bulk buyer acquired four units for HK$42.2 million, while the project received over 55,810 checks, marking an oversubscription of over 418 times for the 133 units .
Key Points
- The Sterling I in Southwest Kowloon sold all 133 price-list units in its second round on Saturday, bringing in over HK$1.18 billion
- Total sales reached 359 units generating nearly HK$3.44 billion, with the developer planning to release more units soon
- Jeffrey Sy, managing director of CR Land (Overseas), reported a bulk buyer purchased four units for HK$42.2 million
- The project received over 55,810 checks for 133 units, achieving an oversubscription rate exceeding 418 times, a new record
- Tender sales included 29 units on Saturday, bringing total tendered sales to 46 units worth over HK$670 million
Why It Matters
The strong demand for The Sterling I, with over 418 times oversubscription, signals robust buyer appetite in Hong Kong's primary residential market despite broader economic uncertainties . This performance by a major developer like China Resources Land could set a positive tone for upcoming property launches in the region .
The strong demand for The Sterling I, with over 418 times oversubscription, signals robust buyer appetite in Hong Kong's primary residential market despite broader economic uncertainties . This performance by a major developer like China Resources Land could set a positive tone for upcoming property launches in the region .