Hong Kong property

SHKP puts Cullinan West prices up 9 per cent as latest batch of 312 units sells out

The project at Nam Cheong station in Kowloon has sold 621 units in two weeks and brought in HK$8 billion for the group

PUBLISHED : Sunday, 26 March, 2017, 7:32pm
UPDATED : Sunday, 26 March, 2017, 10:54pm

Sun Hung Kai Properties sold all 312 units that went on sale at its Cullinan West development over the weekend and raised the price of the next batch by 9 per cent, as homebuyers appeared unfazed by the recent interest rate rise.

All 312 units at Cullinan West, atop Nam Cheong station in Kowloon, sold out on Saturday, said Victor Lui, deputy managing director of Sun Hung Kai Properties in a briefing today.

“Cullinan West so far has sold out 621 units and brought in cash of HK$8 billion (US$1.03 billion) for the group,” Lui said.

In response to the strong demand, Sun Hung Kai Properties revealed the price list for another 108 units to be sold at a later date. Their average price will be HK$23,906 per square foot, 9 per cent higher than those sold at the weekend and 33 per cent higher than the first batch of 210 units which fetched about HK$18,000 per sq ft.

“The units to be offered in the next batch have a nicer view, and we’ll be launching the luxury Diamond Sky Mansion for the first time,” Lui said.

The most expensive property overall in the next batch – a 1,977 sq ft, four-bedroom unit in Diamond Sky Mansion – is priced at HK$68.5 million, or HK$34,665 per sq ft.

On a per square foot basis, the most expensive will be a 1,503 sq ft unit on the 50th floor of Tower 1, priced at HK$60.7 million, or HK$40,370 per sq ft.

Even the 32 smallest units, at 267 sq ft, are priced between HK$6.9 million and HK$7.48 million, or HK$25,865 to HK$28,015 per sq ft.

Phase Two of Cullinan West has two high towers and five lower blocks offering a total of 1,050 units.

“With the election of the new chief executive today, we expect the new government will introduce measures to supply new properties to ensure the market enjoys healthy development.” Lui said.

Meanwhile, Poly Property Group, the Hong Kong-listed arm of state-owned China Poly Group, sold 157 units worth HK$1.5 billion at its Vibe Centro project at Kai Tak, the site of Hong Kong’s former airport, at prices ranging from HK$17,407 to HK$24,141 sq feet.

In total, Vibe Centro will feature 930 units in four blocks. They are studio flats, starting from 200 sq ft.

The strong sales came despite the recent interest rate rise and the Hong Kong Monetary Authority chief executive Norman Chan’s warning that there may be nine more rate increases in the coming years.

Additional reporting by Alun John