29th August 2026 – (Hong Kong) China Resources Land’s southwest Kowloon landmark THE STERLING I sold out all 133 standard flats offered on its second price list today, capping another feverish day of first-hand buying in Cheung Sha Wan.
Jeffrey Sy, managing director of China Resources Land (Overseas), said the batch went on sale by price list and was fully taken up. Within the first hour, Group A alone recorded forty-three subscriptions worth about HK$400 million. The largest deal of the session was a bulk purchase of four flats — one one-bedroom, two two-bedroom and one three-bedroom with ensuite — for about HK$42.22 million. Many Group A buyers were well-capitalised local families and mainland professionals buying to live in or hold for long-term rental, he said.
Verified purchase registrations for the round totalled 55,810, more than four hundred and eighteen times the one hundred and thirty-three flats on the price list, with about ninety per cent of invitees turning up on site. Roughly twenty per cent of buyers were bulk purchasers; about thirty per cent came from southwest Kowloon and the wider Kowloon area; about twenty per cent were upgraders; and about thirty per cent were international talent or mainland buyers. By 3pm the project had sold twenty-seven flats by tender today and forty-four tender deals in total, raising more than HK$650 million. A three-bedroom standard flat at Tower 3A, 39th floor, Flat D — 676 square feet saleable — fetched a project record HK$18.664 million, or HK$27,609 per square foot.
The day’s price-list batch covered Towers 3A and 3B: forty-seven one-bedroom open-kitchen flats, sixty-one two-bedroom open-kitchen units and twenty-five three-bedroom ensuite homes, from 304 to 672 square feet. List prices ran from HK$6.422 million to HK$15.926 million, or HK$20,518 to HK$26,630 per square foot; after discounts, prices ranged from HK$5.395 million to HK$13.378 million, averaging about HK$19,212 per square foot and totalling roughly HK$1.13 billion. A further thirty-seven flats, including thirty-four three-bedroom units and four with terraces, were offered by tender. The first batch of one hundred and eighty price-list flats sold out last week.
Agents said demand spilled well beyond the sell-out. Midland Realty senior director Sammy Po Siu-ming expected disappointed first-round buyers to keep waiting for further releases, with about half his clients from Kowloon, thirty per cent from the New Territories and twenty per cent from Hong Kong Island, and about sixty per cent end-users. He forecast rents near HK$70 per square foot after intake and yields around four-and-a-half per cent. Centaline Property Asia-Pacific vice-chairman and residential chief Louis Chan said nine-tenths of today’s attendees were leftovers from the first round and predicted another clean sweep, adding that August first-hand deals had already topped eight hundred and sixty and could hit about one thousand one hundred for the month if momentum holds.
THE STERLING will be built in four phases over about twenty-seven months of construction, with Phase 1 targeted for completion by 25th November 2028. The site was formerly the Yun Fat warehouse at 1 Fat Tseung Street, Cheung Sha Wan, developed jointly by China Resources Group (fifty-five per cent) and China Resources Land (Overseas) (forty-five per cent) after a land premium of more than HK$13.7 billion paid in January 2023 — one of the largest recent premiums in Hong Kong.
