SHKP's new Kai Tak flats priced at 2017 levels

Staff reporter

Sun Hung Kai Properties (0016) Cullinan Sky Phase 1 in Kai Tak announced an average discounted price of HK$19,668 per square foot, 2.7 percent lower than nearby project Oasis Kai Tak in 2017.

The project has two phases and detailed prices will be determined by market conditions, with profitability still uncertain, said Victor Lui Ting, SHKP's deputy managing director.

Cullinan Sky Phase 1's first batch includes 7 open-plan units, 74 one-bedroom units, 100 two-bedroom and one four-bedroom units, with home sizes ranging from 240 to 887 sq ft and prices after discounts between HK$4.8 million and HK$17.6 million.

SHKP bought the site for over HK$25 billion in 2018, or an average cost of HK$17,776 per buildable square foot, and the average construction cost in HK is around HK$6,000 per square foot. The project will be open for public viewing tomorrow - and check collection will start this Friday - with sales commencing in October.

Its nearby project Oasis Kai Tak, developed by Wheelock Properties, launched the first batch of 130 flats in September 2017.

In other news, Emperor International's (0163) One Jardine's Lookout put 35 more flats for sale yesterday, with the average discounted price unchanged at HK$18,689 per sq ft.

It comes after the first batch received "satisfactory sales" of over 900 checks, marking an oversubscription of 17 times, and recorded 4,000 visitors as of yesterday, according to the company's vice-chairman Alex Yeung Ching-loong.

Nearly 70 percent of buyers are local home hunters, Yeung added.

35 new flats focus on medium and high-rise units, including 12 units of one-bedroom, 8 units of two-bedroom, and 15 units of three-bedroom, with discounts from HK$4.3 million and the discounted price starting from HK$17,088 per sq ft.

The company also put 25 featured flats including four-bedroom units for tender sale starting from this Friday.

110 units in the price lists have been launched, accounting for about 90 percent of the total 123 flats.

The company is considering reserving the open-plan units for rental, expecting a maximum return of 6 percent.

In addition, Emperor International announced its cooperation with Emperor Entertainment's "0 e:ffect" concept shop to set up an exhibition in its "0 e:ffect Zone" showroom, to promote gifting activities.