The Sterling I Launches First Sales with 26,000 Registrations, 143-Times Oversubscription
Thestandard · 1 SOURCESabout 2 hours ago2 MIN
Summary
China Resources Land's (stock code: 1109) The Sterling I development in Southwest Kowloon is launching its inaugural sales tranche this Saturday, presenting 201 units to the market. The batch comprises 180 flats officially listed at prices ranging from HK$5.29 million to HK$13.24 million after maximum discounts of 16 percent, with an additional 21 units to be sold via tender. As of Tuesday afternoon, the project had recorded 26,000 registration submissions, indicating a 143-times oversubscription rate based on the 180 units included in the first price list .
Key Points
- The first price list covers 22 one-bedroom, 123 two-bedroom, and 35 three-bedroom units spanning 304 to 657 square feet
- List prices before discount range from HK$6.31 million to HK$15.8 million, translating to HK$19,688 to HK$25,151 per square foot
- After applying discounts of up to 16 percent, the effective unit prices fall between HK$16,538 and HK$21,128 per square foot
- The sales event splits into Group A for general buyers purchasing two to four flats, and Group B comprising B1 for CR employees and relatives limited to one flat, and B2 allowing up to two flats
- Registration for the ballot closes at noon on Wednesday, with the official sales day scheduled for Saturday
Why It Matters
The overwhelming demand for The Sterling I reflects persistent strong appetite for new private residential units in Hong Kong despite broader market uncertainties. The project's competitive pricing in Southwest Kowloon and the tiered purchasing structure suggest developers are carefully managing sales to balance accessibility for genuine buyers against speculative interest .
The overwhelming demand for The Sterling I reflects persistent strong appetite for new private residential units in Hong Kong despite broader market uncertainties. The project's competitive pricing in Southwest Kowloon and the tiered purchasing structure suggest developers are carefully managing sales to balance accessibility for genuine buyers against speculative interest .