5,000 jostle for cut-price luxury flats at The Cullinan in West Kowloon
About 5,000 people queued, pushed and jostled as 60 luxury flats went on sale at The Cullinan development in West Kowloon. The throng - comprising both would-be buyers and agents hoping to strike a deal - started queuing in the morning and occupied several floors of the sales venue at the International Commerce Centre, including the ground floor and car park.
About 5,000 people queued, pushed and jostled as 60 luxury flats went on sale at The Cullinan development in West Kowloon yesterday.
The throng - comprising both would-be buyers and agents hoping to strike a deal - started queuing in the morning and occupied several floors of the sales venue at the International Commerce Centre, including the ground floor and car park.
Price could have a lot to do with that: the flats were being sold for 20 per cent below the cost of secondhand flats in the development. At an average of HK$29,098 per square foot of saleable area, the cheapest flat cost more than HK$12 million.
The massive demand prompted Sun Hung Kai Properties (SHKP) to raise the average selling price of a further 121 flats on offer in the development by between 5 and 10 per cent.
The company would also put an extra 20 flats on sale on Wednesday at an average price of HK$32,000 per square foot of saleable area, said SHKP deputy managing director Victor Lui Ting.
"Despite the fact the prices of the remaining flats have gone up, they are still at a discount when compared with peers," economist Andy Kwan Cheuk-chiu said. "I expect there will still be quite strong demand, as the supply of luxury flats in the first half was low."