China Resources Euijing I Prices 102 Units at HK$17,880 psf, 30% Below Secondary Market
On.cc · 5 SOURCES13 minutes ago2 MIN
Summary
China Resources Land (Overseas) officially launched the first phase of its West Kowloon residential development, Euijing I, on August 12, introducing 102 units at a net average price of HK$17,880 per square foot—representing a discount of approximately 30% compared to secondary market transactions in the vicinity . The developer described the inaugural price list as a "must-win price for West Kowloon," calibrated against recent large-scale project transactions in the district, unit orientation, and views . The project, situated on Fat Tsuen Street in Lai Chi Kok, received overwhelming pre-launch interest with over 10,000 inquiries from prospective buyers including cash-rich investors, upgraders, and local families .
Key Points
- First price list covers 102 units at net average of HK$17,880 psf, representing ~30% discount to secondary market
- Unit sizes range from 304 to 657 sq ft, comprising one-bedroom (18 units), two-bedroom (66 units), and three-bedroom suites (18 units)
- The development will be rolled out across four phases, with Phase 1 expected to complete by November 25, 2028
- China Resources holds 55% stake through its overseas subsidiary; land premium totaled over HK$13.7 billion in January 2023
- Expected rental yield of 4% based on district's average net rent exceeding HK$60 per sq ft; Midland projects 4.5% yield
- Long-term investors anticipated to comprise half of all buyers; market forecast projects 1,500 primary transactions this month
Why It Matters
The aggressive pricing strategy signals intensifying competition among developers as multiple new projects prepare to launch simultaneously, with agents anticipating the activation of pent-up demand that has accumulated throughout the year . The project's success could set a benchmark for future West Kowloon pricing and influence how competing developments position their offerings in the coming months .
The aggressive pricing strategy signals intensifying competition among developers as multiple new projects prepare to launch simultaneously, with agents anticipating the activation of pent-up demand that has accumulated throughout the year . The project's success could set a benchmark for future West Kowloon pricing and influence how competing developments position their offerings in the coming months .