Cullinan Sky Releases 149 Units at Average Discounted Price of $22,808 per Sq Ft
Sun Hung Kai Properties has launched the next batch of 149 units at Cullinan Sky, with an average discounted price of HK$22,808 per square foot. Some units have seen a slight price increase of 2-3%.
On Saturday, the second round of 238 units went up for sale, receiving 30,563 applications, an oversubscription of 127 times, with all units sold out on the same day. The developer has sold over 460 units in just eight days, generating more than HK$4 billion in revenue.
This newest batch of 149 units is spread across Blocks 3, 5, and 6, offering a mix of 24 studio units, 58 one-bedroom units, 59 two-bedroom units, and 8 three-bedroom units, with sizes ranging from 236 to 692 square feet. Prices range from HK$5.89 million to HK$21.86 million, with per-square-foot pricing between HK$21,765 and HK$31,863. After discounts, prices are reduced to HK$5.10 million to HK$18.91 million, with per-square-foot prices from HK$18,826 to HK$27,561.
The lowest entry-level unit in this batch is a 236-square-foot studio on the 12th floor of Block 5, priced at HK$5.10 million, or HK$21,591 per square foot after discounts. Depending on the response, the developer may launch more units for sale as early as this weekend.
According to the developer, five groups of buyers in the A1 category purchased 6-8 units each, spending between HK$40 million and HK$50 million per group. In the A2 category, 16 groups of buyers purchased 3-5 units each, with total spending between HK$20 million and HK$26 million per group.
In terms of buyer demographics, 35% came from East Kowloon and the Kai Tak area, 30% from other parts of Kowloon, 25% from the New Territories, and 10% from Hong Kong Island.
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