Hong Kong homebuyers on Saturday flocked to a second round of sales at Sun Hung Kai Properties’ Cullinan Sky Phase 1, a residential project in Kai Tak, as interest rate cuts and improved stock market performances boost sentiment in the real estate sector.
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As of 8pm, Sun Hung Kai, Hong Kong’s largest developer by market capitalisation, sold 232 flats out of 238 on offer, according to property agents. The apartments ranged from studios to two-bedroom units, with saleable areas ranging from 236 to 655 square feet.
The discounted prices range from HK$4.786 million to HK$14.12 million (US$615,900 to US$1.1817 million), or HK$18,188 to HK$26,784 per sq ft.
Buyers are drawn by the project’s prime location and competitive pricing, according to Sammy Po Siu-ming, chief executive at the residential division of Midland Realty. The buildings are directly connected to the Kai Tak MTR station and the nearby Airside shopping centre.
Last week, Sun Hung Kai sold all of the first batch of units on offer at the same project. Many clients who failed to buy last time returned on Saturday, accounting for around 80 per cent of those who made inquiries, Po said.
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Ahead of the weekend, the project already attracted around 38,100 prospective buyers who had put down a deposit.