Homebuyers flock to Sun Hung Kai’s Cullinan Sky project in Kai Tak amid interest rate cut

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As of 7pm, homebuyers snapped up 204 flats out of the 300 units on offer at Cullinan Sky Phase 1

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Homebuyers pack Sun Hung Kai Properties’ sales office for Cullinan Sky Phase 1 at the ICC in West Kowloon. Photo: Jonathan Wong

Aileen Chuang

Published: 2:53pm, 5 Oct 2024Updated: 7:24pm, 5 Oct 2024

Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, on Saturday saw homebuyers flock to its latest residential project in Kai Tak, the city’s former airport, on the back of the recent interest-rate cut and stock market rally.

As of 7pm, the developer had sold 204 flats out of the 300 units on offer at Cullinan Sky Phase 1, according to agents. Under this project’s sales programme, the 204 units were snapped up based on their price list, while 96 were up for tenders. The units up for tenders have not yet been awarded.

“The new interest rate cut cycle and the surging stock market in Hong Kong have accelerated homebuyers’ desire to enter the market,” Sammy Po Siu-ming, chief executive at the residential division of Midland Realty, said on Saturday.

Among the homebuyers who flocked to the sales centre of Cullinan Sky at the ICC in West Kowloon, around 40 per cent were from mainland China, according to Po. He said young buyers accounted for about 50 to 60 per cent of those who made inquiries on Saturday.

Exterior view of Sun Hung Kai Properties’ Cullinan Sky Phase 1 residential project in Kai Tak. Photo: Dickson Lee

Ahead of this weekend’s sale, the Cullinan Sky project already attracted around 29,161 prospective buyers who had put down a deposit.

SHKP priced the first batch of units on offer at Cullinan Sky Phase 1 at HK$19,668 (US$2,533) per square foot on average, about 20 per cent lower than the stock in new projects in the same area, according to Midland Realty.