Southwest Kowloon Ruijing I Project Sells Out First Batch, Generating HK$1.6 Billion
On.cc · 2 SOURCESabout 2 hours ago2 MIN
Summary
China Resources Land (Overseas)'s Southwest Kowloon development Ruijing I launched its first batch of 180 units on Saturday (June 22), with all units sold out the same day, generating nearly HK$1.6 billion in sales proceeds. The project attracted over 47,000 ballots, representing an oversubscription of over 260 times, setting a new record for first-round sales in Hong Kong's new property market. The aggressive pricing strategy successfully drew strong demand from end-users, investors, and mainland buyers, signaling renewed market confidence in the Hong Kong property sector.
Key Points
- Ruijing I's first-round sale offered 201 units, with 180 sold via price list and 21 via tender, generating approximately HK$1.6 billion
- The project received 47,101 ballots, with oversubscription exceeding 260 times, breaking the record for first-round sales in Hong Kong
- Buyer composition included large buyers (20%), local families (30%), upgraders (30%), and mainland/international buyers (20%)
- One buyer purchased 4 units (3 two-bedroom and 1 three-bedroom) for approximately HK$42.7 million, the largest single transaction
- Ricacorp data shows investor ratio surged from 30% to 50%, reflecting strong confidence in rental yield and capital appreciation
- CNA Property's Chan Wing-kit predicts 1,200 primary transactions this month, a 3-month high, with secondary market up 30%
Why It Matters
The project's record-breaking sales demonstrate renewed confidence in Hong Kong's property market, particularly for competitively priced developments near MTR stations. With over 260 times oversubscription and significant investor participation, the strong demand suggests market sentiment has improved substantially, potentially driving activity across the broader property sector in the coming quarters.
The project's record-breaking sales demonstrate renewed confidence in Hong Kong's property market, particularly for competitively priced developments near MTR stations. With over 260 times oversubscription and significant investor participation, the strong demand suggests market sentiment has improved substantially, potentially driving activity across the broader property sector in the coming quarters.