Surge in Sales at Cullinan Sky Project Amid Interest Rate Cut: Nearly Two-Thirds of Units Sold in Phase 1

Interest rate cuts lead to a surge of buyers at Sun Hung Kai's Cullinan Sky development in Kai Tak

By 6pm, the builder had managed to sell 191 apartments from the available 300 in the first phase of Cullinan Sky.

By 6pm, the developer had managed to sell 191 out of the 300 apartments available at Cullinan Sky Phase 1, as reported by a representative. The sales plan for this project involves selling 204 of the units according to their listed prices, while the remaining 96 will be available for bidding. The sales process is anticipated to wrap up around 7:30pm.

"The recent reduction in interest rates, coupled with the booming stock market in Hong Kong, has fueled the enthusiasm of potential homeowners to dive into the property market," stated Sammy Po Siu-ming, who heads the residential sector of Midland Realty, this past Saturday.

Approximately 40% of the potential buyers who visited the sales center for Cullinan Sky at the ICC in West Kowloon were from mainland China, as stated by Po. He also mentioned that the majority of those who expressed interest on Saturday were young buyers, making up around 50 to 60% of the inquiries.

Before the upcoming weekend's sale, the Cullinan Sky project has already garnered interest from approximately 29,161 potential customers who have made a deposit.

Sun Hung Kai Properties (SHKP) has set the price for the initial group of units available at Cullinan Sky Phase 1 at an average of HK$19,668 (US$2,533) per square foot. This is roughly 20% less than the cost of units in new developments in the same vicinity, as reported by Midland Realty.