2024-04-29 28Hse Editor
After announcing its first price list for University Hill in Pak Shek Kok on Wednesday, SHKP announced the names of two of its Kai Tak projects yesterday, with over 1,900 units on offer. Near the MTR Kai Tak Station on 10 Concorde Road, Cullinan Sky offers 1,490 units, while Cullinan Harbour offers 439 units on 26 Shing Fung Rd, close to the runway area. According to Victor Lui Ting, SHKP deputy managing director, the pre-sale of the Cullinan Harbour Phase One has been approved and tenders are expected to commence in June at the earliest, while the pre-sale of Cullinan Sky is still pending. Tsang Yip Chun
In view of the fact that the first batch of asking prices for University Hill in Pak Shek Kok is lower than that of its Phase One project of the same series, Lui was asked whether the price of Cullinan Sky would be lowered. He responded that the group recorded many transactions since launching its first project of The Cullinan 15 years ago. He added that both Cullinan Sky and Sea’s prices would be based on prices of the Cullinan series in Kowloon Station. Lui believes prices will be “satisfactory, or even better".
Pre-sale for Cullinan Sky expected to be approved soon
Separately, Sun Hung Kai Properties (SHKP) announced the first price list of 123 units for University Hill in Pak Shek Kok two days ago, with a discounted average price of HK$16,288 per square foot, and a discounted entry price of HK$4.3724 million for a one-bedroom flat of 297 square feet. This is about seven per cent lower than the discounted average price of HK$17,498 per square foot for the first batch of the same series of Silicon Hill’s Phase One development in May last year.
On the other hand, there is a backlog of 79,000 new units in the market, which is equivalent to about 5.5 years of absorption. When asked if the sudden name reveal of the Kai Tak projects was to draw attention from other developers' projects, he denied this and clarified that all the Group's projects are launched as soon as sales brochures are available and ready. He praised both SHKP and other developers for designing attractive projects that are expected to sell well.
As to whether there is any concern about saturated demand in the market, Lui said that the characteristics of the properties themselves was most important. He expressed confidence in sales of the new Cullinan projects, with Cullinan Sky’s close proximity to the Kai Tak MTR Station and Cullinan Sea’s view of Victoria Harbour.
According to SHKP's Hu Zhi-yuan, acting general manager at SHKP, The Cullinan Sky is the tallest residential development in the area, with a shopping mall providing direct access to the MTR station and Kai Tak Station Plaza. The project is being developed in two phases, with Phase One comprising 906 units and flat types ranging from open-plan to four-bedroom apartments. Pre-sale documents are expected to be approved in the third quarter of this year and the Group will commence sales in accordance with the pace of document approval.
Large units to be the main focus of Cullinan Sea
According to SHKP general manager Chan Han-lin, the 439-unit Cullinan Sea is divided into two phases. Phases One and Two will provide 256 units and 183 units respectively and are expected to be completed in October and December 2025. Both phases will feature large units, with over 70 per cent of the units being four-bedroom flats with saleable areas ranging from 1,100 to 2,200 square feet, as well as 23 special units and eight units with private pools.
According to information provided, Cullinan Sky’s Site One in Area 1F, which was won by SHKP by tender in 2018 for over HK$25.1 billion, was the most expensive site in Hong Kong's ‘crown land’ history at the time, and is still the most expensive in terms of residential land alone, at HK$17,776 per square foot. In 2019, the Cullinan Sea site was also won by SHKP for HK$11.26 billion at a premium of about HK$17,300 per square foot.
Many SHKP developments have used the Cullinan name in the past, such as Nam Cheong Station’s Cullinan West, Tai Kok Tsui’s Imperial Cullinan, and Kowloon Station’s The Cullinan. Cullinan Sky was named as such due to its position being the tallest residential building in the Kai Tak area, while Cullinan Sea was given its name for its runway area location along the waterfront. With reference to the construction price of The Cullinan at Kowloon Station, Centaline Property data shows that the average price per square foot in recent months is around HK$33,670, with asking prices ranging from HK$18 million to HK$120 million per square foot and from HK$32,738 to HK$78,431 per square foot.
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