(Bloomberg) -- Sun Hung Kai Properties sold all apartments on offer at a key residential project in Hong Kong, marking the third straight week the units have been snapped up in a day as buyers take advantage of discounts and government property-easing measures.
All 215 apartments on sale at Hong Kong’s biggest developer’s Cullinan Sky project in Kai Tak, Kowloon, were purchased on Saturday, according to a representative of the company.
The sales follow an announcement by the government last week that it will loosen mortgage rules on homes in a bid to stem a sharp decline in the city’s housing market. Residential property prices have dropped almost 30% since a high in August 2021. The market is keenly watching apartment sales as an indicator of whether policy support and the Federal Reserve’s interest rate cut will spur a recovery.
Sun Hung Kai sold the latest batch of units at an average of HK$22,120 ($2,847) a square foot, and prices for 60 of the apartments were raised by 3% to 8% from those purchased last week, the representative said. Hong Kong flats are usually offered for sale in batches, and the developer said it would put the fourth lot of 98 units up for sale soon.
Another real estate company, CK Asset holdings Ltd. sold about 74% of units on offer at its Blue Coast II project on Hong Kong island on Saturday, according to Hong Kong Economic Times. The developer, controlled by the family of billionaire Li Ka-shing, raised the selling price of this batch slightly, after almost selling out the phase 1 project through steep discounts in April.
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