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Over 90% of offered units sold at Sun Hung Kai's Hong Kong project

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Over 90% of offered units sold at Sun Hung Kai's Hong Kong project

More than 90% of the 130 units on offer at Sun Hung Kai Properties Ltd.'s Cullinan West II residential development in Hong Kong's Sham Shui Po district were purchased Dec. 2, the South China Morning Post reported.

The publication, citing market sources, reported that 119 units of the Cullinan West II development have been sold as at 5 p.m. local time Dec. 2. Most of the remaining apartments are larger four-room units that are on sale for as much as HK$54.5 million, the report noted.

Midland Realty CEO for residential, Sammy Po, was quoted by the Dec. 2 report as saying that smaller units in the project were very popular because a majority of the buyers were acquiring apartments for personal use. The cheapest unit — a 272-square-foot apartment — on offer during the day cost nearly HK$7.6 million, according to the publication.

Louis Chan, vice chairman for Asia Pacific at Centaline Property Agency, added that he expected about 95% of the offered units to be sold.

The average selling price of the units at the Cullinan West II project is HK$21,152 per square foot, with a 20% discount factored in. According to the paper, the average per-square-foot price during the Dec. 2 weekend is about 20% higher compared with the price of the units sold during the first phase the week before.

Meanwhile, the same development also houses a one-bedroom unit that a buyer picked up for HK$10.3 million, marking the first time in the Sham Shui Po district that a unit of similar proportions was acquired for more than HK$10 million, The (Hong Kong) Standard.

Cullinan West II, according to the Dec. 4 report, features a total of 1,188 units.