Sun Hung Kai's Cullinan West III project nearly sold out after homebuyers take advantage of steep discount

By Martin Choi martin.choi@scmp.com / https://www.scmp.com/business/article/3028140/homebuyers-snap-more-90-cent-cullinan-west-iii-project-after-sun-hung-kai?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | September 26, 2019 10:38 AM SGT
Homebuyers took advantage of steep discounts and snapped up 351 of the 352 flats Sun Hung Kai Properties, Hong Kong's biggest developer, had on sale at its The Cullinan West III project on Thursday. Developers have been rushing to offload flats before the introduction of a vacancy tax, now expected as soon as January.
The developer priced the latest batch of flats at the project at an average of HK$23,172 per square foot, up to 25 per cent below the prevailing market rate in the area. The development sits atop the Nam Cheong MTR Station, making it more attractive to buyers who have become more selective in their purchases, agents said. It is also near the protest-hit district of Sham Shui Po.
"With slight easing of the US-China trade war and the US Federal Reserve cutting interest rates again, the property market sentiment in Hong Kong has improved slightly in September," said Louis Chan, vice-chairman of Asia-Pacific and chief executive of the residential division at Centaline Property Agency, adding that a customer had bought six flats worth about HK$150 million (US$19.2 million) in total.
One-bedroom flats and studios were the most popular options. A buyer surnamed Cheng, who bought a one-bedroom flat for about HK$7 million, said it was better to buy a suitable apartment rather than waiting for prices to drop. He added that he had no plans to emigrate abroad. Another buyer surnamed Chan said she hoped to buy a HK$10 million flat for her son.
Sun Hung Kai's The Cullinan West III project, left, along with The Cullinan West I and The Cullinan West II developments, in Sham Shui Po. Photo: Wikipedia alt=Sun Hung Kai's The Cullinan West III project, left, along with The Cullinan West I and The Cullinan West II developments, in Sham Shui Po. Photo: Wikipedia
The prospect of the vacancy tax has added to developers' concerns. Last week, the Hong Kong government announced it would submit the Rating (Amendment) Bill " or the vacancy tax bill " for vetting by lawmakers when they return to work in October after a summer break.
The tax targets newly completed...