Buyers snap up flats at SHKP’s Cullinan West II in Hong Kong’s biggest weekend property sale in six months
Sun Hung Kai Properties (SHKP) sold all 72 units in a third round of sales at its Cullinan West II development near Sham Shui Po on Sunday as buyers took advantage of lower prices and mortgage incentives in the city’s biggest weekend property sale in six months.
On Saturday, Nan Fung Development sold more than 90 per cent of a batch of 487 flats at its LP6 project in Tseung Kwan O.
SHKP’s latest batch of apartments, with sizes ranging from 270 to 1,509 square feet, were priced between HK$22,593 per square foot and HK$33,413 per square foot, after factoring in discounts of as much as 20 per cent.
Hong Kong’s biggest developer has been lowering its prices to tempt buyers, as the city’s red hot property market shows signs of starting to cool down.
It was also offering first-time mortgages of up to 80 per cent of the flat’s value, much higher than the standard mortgage ceiling of 60 per cent of a property valued below HK$10 million (US$1.3 million), and 50 per cent for those above HK$10 million.
