New | Sun Hung Kai’s 270 sq ft Cullinan West flat lists at almost HK$8 million
The smallest unit in the second batch of Cullinan West, a 270 sq ft unit on the 51st floor, will cost 11 per cent more than a same-size, 10th floor unit released for sale last week.
Sun Hung Kai Properties (SHKP) has raised the launch price of a batch of apartment units by 11 per cent within four days, in what’s probably the most extreme display of price elasticity among Hong Kong’s property developers.
Up to 123 units of the second batch of Cullinan West apartments, atop West Rail’s Nam Cheong Station in Kowloon, were released for sale on Tuesday at an average price of HK$21,055 (US$2,711) per square foot after discounts, or 11 per cent more than the HK$18,998 per square foot average in the first batch of 210 units.
The smallest apartment, a 270 sq ft unit on the 51st floor, will cost HK$1 million more than a same-size unit on the 10th floor, which was released for sale last week.
“It’s the smallest unit along Hong Kong’s railway network,” said Louis Chan Wing-kit, the Asia-Pacific chief executive of Centaline Property Agency’s residential department. “The frenetic buying spree has lifted home prices.”
The second batch will be available for between HK$7.94 million and HK$48.38 million before discounts, with sizes ranging from 270 sq ft to 1,503 sq ft.
The developer will offer discounts of up to 23 per cent including a 1.5 per cent rebate once the transaction is completed. After discounts, the price of the smallest unit will be HK$6.07 million, or HK$22,200 per square foot.