China Resources Sterling I Rakes in 2,700 Registrations in 48 Hours
HK01 · 3 SOURCESabout 1 hour ago5 MIN
Summary
China Resources Land (overseas) and China Resources Group's new residential project Sterling I in West Kowloon has generated overwhelming investor interest, receiving 2,700 subscription registrations within just 48 hours of releasing its inaugural price list on Wednesday, June 12. The project's first batch of 102 units has been oversubscribed by more than 25 times, with the sales gallery at New Hong Kong Centre in Tsim Sha Tsui drawing over 10,000 visitor visits. The development is preparing to expand sales by releasing additional units as early as this weekend, with formal first-round transactions anticipated to commence next week.
Key Points
- Sterling I collected 2,700认购意向登记 (subscription意向 registrations) within 48 hours, exceeding the 102-unit first batch by over 25 times
- The first price list offered 102 units spanning 1- to 3-bedroom configurations, with net prices ranging from HK$5.298 million to HK$12.371 million
- Net average price per square foot for the first batch stands at HK$17,880, with unit sizes from 304 to 657 square feet
- Buyer composition includes 20% investors and large buyers, 30% district families, 30% upgraders, and 20% international talents
- The project is set to launch additional units representing no less than 10% of total inventory this weekend, with first-round sales commencing next week
- Construction period spans 27 months, with Phase 1 targeted for handover by November 25, 2028
Why It Matters
Sterling I's strong reception reflects persistent demand for new private residential units in the West Kowloon corridor, where comparable developments from 2019-2021 commanded prices roughly 44-50% higher. The project's land premium exceeding HK$13.7 billion, settled in January 2023, signals continued confidence among major developers in the Kowloon property market despite broader economic headwinds .
Sterling I's strong reception reflects persistent demand for new private residential units in the West Kowloon corridor, where comparable developments from 2019-2021 commanded prices roughly 44-50% higher. The project's land premium exceeding HK$13.7 billion, settled in January 2023, signals continued confidence among major developers in the Kowloon property market despite broader economic headwinds .