Business
Sun Hung Kai’s Cullinan Sky Project Witnesses Robust Sales Amid Rate Cuts, Stock Rally and Beijing’s Economic Stimulus Measures
Sun Hung Kai's Cullinan Sky experiences another weekend of vigorous sales due to rate reduction and stock surge. According to agents, buyer confidence has been boosted by quantitative easing and a range of economic boost measures from Beijing.
On Saturday, prospective homeowners in Hong Kong were drawn to the second wave of sales at Cullinan Sky Phase 1, a housing project by Sun Hung Kai Properties situated in Kai Tak. This increased interest is attributed to lowered interest rates and an upturn in the stock market, both of which have positively influenced the mood in the property industry.
By 4pm, Sun Hung Kai, the biggest property developer in Hong Kong as per market value, had sold 140 out of 238 apartments available, as stated by real estate agents. The types of properties varied from studio apartments to two-bedroom flats, with sizes ranging from 236 to 655 square feet.
The reduced prices vary between HK$4.786 million and HK$14.12 million (US$615,900 to US$1.1817 million), which equates to HK$18,188 to HK$26,784 for each square foot.
According to Sammy Po Siu-ming, the head of the residential sector at Midland Realty, the project's appealing location and fair pricing are attracting customers. The structures have a direct link to the Kai Tak MTR station and the adjacent Airside shopping mall.
Just a week ago, Sun Hung Kai managed to sell off the initial set of units available for their project. A significant number of customers who were unsuccessful in their purchase during the previous sale came back on Saturday, making up about 80 percent of all inquiries, according to Po.
Before the weekend began, approximately 38,100 potential customers showed interest in the project, having already placed a deposit.
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