SHKP cuts prices of latest luxury homes

Business | Stella Zhai 11 Sep 2019

Sun Hung Kai Properties (0016) is releasing 235 flats in its first batch of Cullinan West III in Nam Cheong Station, with an average price of HK$21,722 per square foot after discount, 9 percent cheaper than the project's second phase last year.

The cheapest 275-square-foot studio is priced at HK$6.06 million, or HK$22,023 per sq ft.

This came with transactions plunging amid the social unrest that saw stamp duties collected from home purchases in August amounting to HK$1.29 billion, down 30 percent from the previous month, Inland Revenue Department data showed.

Also, the amount of buyer's stamp duty collected slumped 33.8 percent month-on-month to HK$331.4 million in August. The amount of special stamp duty collected rose 17.2 percent to HK$22.5 million.

SHKP's first batch will open for subscriptions tomorrow, with sales launched next week as the earliest.

Meanwhile, Upper RiverBank in Kai Tak, co-developed by Longfor (0960) and KWG (1813), providing 667 units, will see its sales brochures uploaded and prices set this week at earliest. Four show flats are being opened today.

In the secondary market, a 678-sq-ft flat at Mei Foo Sun Chuen in Kowloon changed hands for HK$9.5 million, or HK$14,012 per sq ft, after HK$2 million was chopped off from the original asking price.

Property consultant Cushman & Wakefield expects property prices in the fourth quarter to fall between 5 and 10 percent, approaching the price level of the beginning of the year.

The property market may experience significant fluctuations due to the Sino-US trade war and social unrest, despite favorable factors such as interest rate cut and housing supplies, said Alva To Yu-hung, vice-president and head of consulting for Greater China at Cushman & Wakefield. He also estimates residential transactions in September to maintain at about 4,500.

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