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

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.