2025-02-21 28Hse Editor
On September 23, 2024, Sun Hung Kai Properties (0016) announced the price list for the first batch of 182 units at their new Kai Tak MTR development, Cullinan Sky. The lowest-priced studio unit is available at HK$4.76 million after discounts, with an average discounted price per square foot of HK$19,668. Comparing this to the launch of Oasis Kai Tak in September 2017, which had an average discounted price of HK$20,225 per square foot for its first batch of 130 units, the new launch is approximately 2.7% lower.
It’s worth noting that SHKP acquired the land for Cullinan Sky in 2018 for over HK$25.1 billion, setting a record at the time for the most expensive government land sale in Hong Kong's history, an average cost of HK$17,776 per buildable square foot.
The first price list includes 182 units, ranging from 240 to 887 square feet. The available layouts include seven studio units, 74 one-bedroom units, 100 two-bedroom units, and one four-bedroom unit. After a maximum discount of 13.5%, the total prices range from HK$4.76 million to HK$17.63 million, with the discounted price per square foot ranging from HK$17,015 to HK$24,042.
The lowest-priced unit in this batch is located in Block 5, Unit B5 on the fifth floor. It’s a 240-square-foot studio apartment priced at HK$4.76 million after discounts.
Regarding the profitability of the first batch, Victor Lui Ting, SHKP's deputy managing director, explained that the project will be developed in two phases, and that it is too early to calculate exact profits. He added that the group focuses on offering good value for buyers and expressed confidence that the recent rate cuts would have a positive impact on the property market, making it an ideal time to purchase.
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