Homebuyers on Thursday snapped up all units at a Sun Hung Kai Properties (SHKP) residential project in Kai Tak, with mainland Chinese investors accounting for nearly half of the transactions, agents said.
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SHKP offered 62 units in the first round of sales in the second phase of Cullinan Sky in Kai Tak.
The batch included 56 one-bedroom units and six two-bedroom flats, ranging from 297 to 482 sq ft. The prices ranged from HK$6.6 million (US$849,500) to HK$15.1 million, or HK$21,713 to HK$33,500 per square foot, after discounts.
Investors and end-users each accounted for half of the transactions, agents said, adding that it was also an equal split between buyers from the mainland and the city.
“About 70 per cent of the mainland buyers were purchasing for investment and rental income,” said Sammy Po Siu-ming, senior director at Midland Realty. The project was expected to fetch HK$70 per square foot, or a return of more than 4 per cent, he added.
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Mainland buyers are a strong driving force in Hong Kong’s residential property market. They spent HK$38 billion, accounting for 25 per cent of the city’s total home transactions in the third quarter, according to a Centaline Property Agency report last month.