China Resources Land Launches Ruijing I with 102 Units at HK$17,880 psf
HK01 · 2 SOURCESabout 1 hour ago2 MIN
Summary
China Resources Land (Overseas) has officially launched pre-sales for Ruijing I, a major new development project in West Kowloon's Cheung Sha Wan district. The company released its first price list on Tuesday, covering a minimum of 102 units with unit types ranging from one to three bedrooms. The project, developed through a joint venture with a land premium exceeding HK$13.7 billion, offers units with a discounted average price of HK$17,880 per square foot, positioning it competitively against neighboring developments in Gutong North.
Key Points
- The development comprises four phases, with Phase 1 targeting completion by November 25, 2028, representing a 24-month presale period
- Units are priced from HK$5.298 million (one-bedroom) to HK$12.371 million (three-bedroom) after the maximum 16% discount
- Two-bedroom units dominate the project, accounting for approximately 44% of the overall unit mix, with 66 units in the first batch
- The former Runfa Warehouse site was acquired through a joint venture (55% China Resources, 45% CRL) with a per-square-foot land premium of HK$8,700
- Additional purchase incentives include a 1% discount for China Resources employees and another 1% for previous Yun Jing buyers
Why It Matters
The launch of Ruijing I signals strong developer confidence in Hong Kong's primary property market despite broader economic uncertainties. With the project priced competitively at only a 1.18% premium compared to Gutong North's first development, the success or underperformance of this launch could set pricing benchmarks for upcoming West Kowloon projects and influence market sentiment across the territory.
The launch of Ruijing I signals strong developer confidence in Hong Kong's primary property market despite broader economic uncertainties. With the project priced competitively at only a 1.18% premium compared to Gutong North's first development, the success or underperformance of this launch could set pricing benchmarks for upcoming West Kowloon projects and influence market sentiment across the territory.