Buyers snap up flats in Hong Kong development, the Cullinan West II, ahead of possible US interest rate rise
On Saturday, more units of Sun Hung Kai Properties’ project on top of Nam Cheong MTR station went on sale, with units ranging from 272 to 1,509 sq ft
Buyers flocked to snap up more than 90 per cent of the units for sale in a Hong Kong residential project on Saturday, ahead of a two-day meeting by the US Federal Reserve to discuss a possible interest rate increase later in December.
On Saturday morning, 130 units of Sun Hung Kai Properties’ Cullinan West II project, sitting atop Nam Cheong MTR station, went on sale, with units ranging from 272 to 1,509 sq ft.
As of 5pm on Saturday, 119 units had been sold, according to market sources. The remaining units were mainly larger four-room units, which cost as much as HK$54.45 million (US$6.97 million). The cheapest unit was offered at HK$7.56 million, with just 272 sq ft of space.
Midland Realty residential chief executive Sammy Po said that small units offered today were very popular because “most of the buyers are purchasing the units for their own use”.
Po added that the prices of the larger units were very high, and thus were not as popular with buyers.
Louis Chan, Asia-Pacific vice-chairman at Centaline Property Agency, said he expected about 95 per cent of the units to sell.