Buyers waste no time snapping up flats in newest Hong Kong development, the Cullinan West II
More than 3,600 prospective buyers had registered for 321 units, undeterred by soaring property prices in Hong Kong
Record price rises in the world’s most expensive property market have not dampened demand, as hundreds of investors queued up on Saturday hoping to get their slice of an exclusive new development, which had been 10 times oversubscribed.
The biggest sale of the day saw one buyer take six units at Cullinan West II on top of Nam Cheong Station, including three four-bedroom units, two one-bedroom units and a single two-bedroom unit for a lump sum close to HK$153 million (US$20 million)
More than 3,600 prospective buyers had registered for the 321 units, developed by Sun Hung Kai Properties, with investors moving fast to take full advantage as prices continue soaring to stratospheric new heights.
Property agents said the recent sale likely boosted prices in the area, as developers and individuals moved fast to take full advantage of recent price rises.
“These strong results highlight there is still a lot of demand in the market,” said Sammy Po, chief executive at Midland Realty’s residential department.