The Sterling I Launches Second Round with 170 Units After Record First-Day Sales
Thestandard · 2 SOURCESabout 2 hours ago2 MIN
Summary
China Resources Land (1109) has released the latest sales arrangement for its Southwest Kowloon project, The Sterling I, offering 170 units for sale this Saturday after selling all 180 units in the first round for nearly HK$1.6 billion . The project has attracted exceptional investor interest, receiving 49,000 checks representing an oversubscription of over 367 times for the 133 price-list units . Jeffrey Sy, managing director of CR Land (Overseas), confirmed the second round will start this weekend and noted a three-bedroom apartment recently transacted at HK$25,738 per square foot, setting a new project record .
Key Points
- The Sterling I released 133 price-list units and 37 tender units, totaling 170 units, with 47 one-bedroom, 61 two-bedroom, and 25 three-bedroom configurations
- Unit sizes range from 304 to 672 square feet, with discounted prices between HK$5.4 million and HK$13.38 million
- The average discounted price per square foot increased by approximately 2 percent to HK$19,212, while the price range spans HK$17,236 to HK$22,370 per sq ft
- A single buyer purchased three two-bedroom units and one three-bedroom unit for approximately HK$42.7 million in the first round
- To date, the project has sold 197 units generating over HK$1.86 billion in sales, with the latest transaction setting a record of HK$25,738 per sq ft
Why It Matters
The Sterling I's unprecedented demand, with 49,000 checks for just 133 units, signals strong buyer confidence in the Kowloon property market amid a recovering economy . The project's success demonstrates sustained appetite for new residential developments in Hong Kong, with China Resources Land capitalizing on robust pre-sales momentum to accelerate the launch of subsequent phases .
The Sterling I's unprecedented demand, with 49,000 checks for just 133 units, signals strong buyer confidence in the Kowloon property market amid a recovering economy . The project's success demonstrates sustained appetite for new residential developments in Hong Kong, with China Resources Land capitalizing on robust pre-sales momentum to accelerate the launch of subsequent phases .