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Old April 19th, 2011, 12:03 PM   #21
hkskyline
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Imperial Cullinan the new name for SHKP West Kowloon luxury project
Last prime waterfront residential site in the area
SHKP Press Release
24 January 2011

Sun Hung Kai Properties (SHKP) announced that it will name its new luxury residential development on Hoi Fai Road in southwest Kowloon Imperial Cullinan. It is on a prime waterfront site with expansive views of Victoria Harbour and is also the last waterfront plot in the government’s southwest Kowloon zoning plan. Imperial Cullinan will mirror the developer’s premium The Cullinan residential project and form a brace of premium homes by the harbour.

Sun Hung Kai Real Estate Agency Executive Director Victor Lui said: “Imperial Cullinan will be in an exceptional location in southwestern Kowloon, right on the shining Victoria Harbour. This is the last seafront residential land in the Town Planning Board South West Kowloon Outline Zoning Plan and it is flanked by the West Kowloon Cultural District, so it’s obvious that this prestigious development will be highly appreciated by end users with refined taste and investors from around the world.”

Sun Hung Kai Real Estate Agency Senior Sales and Marketing Manager Allen Woo said: “Imperial Cullinan is our latest focus after the completion of its sister development The Cullinan. The two projects will form an oasis of luxury living by Victoria Harbour and provide a perfect counterfoil to the International Finance Centre and International Commerce Centre commercial landmarks. People might know that the Cullinan is the most extraordinary of diamonds, and we believe that the name Imperial Cullinan reflects the majestic status of the project.”

Mr Woo added that: “The project will have a crystal façade so residents inside will be able to enjoy a breathtaking harbour view, and onlookers on the outside will marvel at the brilliant architecture and its equally brilliant sister The Cullinan with its curtain façade.”

Imperial Cullinan will be on a prime120,000-square-foot seafront site in southwestern Kowloon with a panoramic sea view. It will offer nearly 650 first-class apartments, with standard units ranging from about 800 to 2,000 square feet. Over 90 percent will have at least three bedrooms.
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Old April 25th, 2011, 10:20 PM   #22
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Imperial Cullinan Promotional Ad

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Old May 7th, 2011, 05:52 PM   #23
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Scaled model of the Imperial Cullinan

It looks so nice from the stand-alone model, but in the real world this building is squeezed uncomfortably in between the Long Beach and One Silversea.

Once Silversea will block most of the sun for IC. Also, the backward facing apartments will be looking directly into the living rooms of those expensive 2000+ square ft apartments.

Still, the SHK junkies will be forking out upwards from HKD18K per square foot for these apartments....

Could someone please explain this insanity to me?




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Old May 10th, 2011, 06:52 PM   #24
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Surprised nobody has tried suing the developers for misleading advertising. This isn't the first time they've misrepresented the geographic surroundings.
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Old May 31st, 2011, 10:23 AM   #25
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Luxury abode asking record price
The Standard
Friday, May 27, 2011

The developer of a new luxury residential project is asking HK$45,000 per square foot for one its specialty units - a record high for the West Kowloon district.

Sun Hung Kai Properties (0016) priced the unit, which measures more than 2,500 square foot, at its Imperial Cullinan at HK$120 million, or about HK$45,000 psf. It hopes to receive government consent to start pre-selling the project and open show flats next week. Imperial Cullinan offers a total of seven specialty units - all of which have received inquires - with 20 to 30 percent of them coming from mainlanders.

"HK$45,000 psf is the highest price tagged to the luxury flat market near Olympic Station," said Ricacorp agent Kenneth Wu. "Last week, a 1,700 sq ft new flat at The Hermitage sold for HK$35,000 psf. That was the last highest price."

Meanwhile, Colliers International said residential property prices have almost peaked and luxury home prices may climb 6 percent at most in the next 12 months.

"The average luxury residential prices have already exceeded the 1997 peak by 41 percent," said Ricky Poon Wai-ki, executive director of residential sales.
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Old May 31st, 2011, 12:58 PM   #26
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Quote:
Originally Posted by hkskyline View Post
Luxury abode asking record price
The Standard
Friday, May 27, 2011

The developer of a new luxury residential project is asking HK$45,000 per square foot for one its specialty units - a record high for the West Kowloon district.

Sun Hung Kai Properties (0016) priced the unit, which measures more than 2,500 square foot, at its Imperial Cullinan at HK$120 million, or about HK$45,000 psf. It hopes to receive government consent to start pre-selling the project and open show flats next week. Imperial Cullinan offers a total of seven specialty units - all of which have received inquires - with 20 to 30 percent of them coming from mainlanders.

"HK$45,000 psf is the highest price tagged to the luxury flat market near Olympic Station," said Ricacorp agent Kenneth Wu. "Last week, a 1,700 sq ft new flat at The Hermitage sold for HK$35,000 psf. That was the last highest price."

Meanwhile, Colliers International said residential property prices have almost peaked and luxury home prices may climb 6 percent at most in the next 12 months.

"The average luxury residential prices have already exceeded the 1997 peak by 41 percent," said Ricky Poon Wai-ki, executive director of residential sales.
The two last sentences of the article probably say the most.

45K psf at that location? For that kind of money there are so many better choices available.

Anyway, the special units will of course be nice:
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Old June 4th, 2011, 11:43 AM   #27
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Old June 27th, 2011, 06:21 PM   #28
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W Kowloon luxury flats test price ceiling
The Standard
Monday, June 27, 2011

Flats at a new luxury project in West Kowloon have been priced lower than expected - setting the market abuzz with talk that a price ceiling is in sight.

This follows new government measures to curb property prices earlier this month.

Sun Hung Kai Properties (0016) will price the first 60 flats at Imperial Cullinan 15 percent lower than hinted last week.

This is the first major luxury project to go on the market since cooling measures were announced.

The first flats have been priced at an average HK$18,688 per square foot, as against HK$20,000 to HK$25,000 psf the developer hinted at a week ago.

The flats range from 1,583 sq ft to 1,848 sq ft, and are priced between HK$26.07 million and HK$44.48 million.

Last night SHKP put another 13 flats on the market. Twelve are between 1,848 sq ft and 1,860 sq ft, and are priced from HK$40.97 million to HK$46.68 million.

Another specialty flat, measuring 2,523 sq ft, is priced at HK$108 million, or HK$42,806 psf.

Sales of 73 flats will start on Wednesday and are expected to generate more than HK$2 billion for the developer.

"We usually offer the first batch of buyers a lower price," said Victor Lui Ting, executive director of Sun Hung Kai Real Estate Agency.

Imperial Cullinan comprises 650 flats above the Olympic MTR station. Neighboring flats on the secondary market, such as those at One Silver Sea, are priced around HK$14,500 psf.

Flats at The Cullinan - one of several luxury developments above Kowloon
MTR, which Sun Hung Kai said it would use as a reference for Imperial Cullinan - are selling for HK$24,398 psf on average.

Ricky Poon Wai-ki, executive director of residential sales at Colliers International, said of the HK$18,688 psf average: "It is a rather conservative pricing.

"With a price that is so close to the secondary flats in the neighborhoods, the developer could be switching from their initial targeted group of mainlanders to local homeowners who are seeking to upgrade."

But Eddie Hui Chi-man, deputy director of the Research Centre for Construction and Real Estate Economics at Hong Kong Polytechnic University, said it is too early to tell whether it indicates a softening of prices.

"Selling the flats lower than expected could be one of the tactics the developer uses to attract buyers," he said. "If the developer prices subsequent flats even lower, then that could be a sign."

Hui believes the developer has taken steps to lure potential buyers with payment methods that could offset the impact on downpayments - the 50 percent limit on mortgages for flats priced over HK$10 million.

Meanwhile, the secondary market remained sluggish at the weekend. According to Midland Realty, transactions at the 10 benchmark residential projects fell to 17 from 21 a week ago. Tai Koo Shing, Whampoa Garden and Discovery Park had zero sales.
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Old June 30th, 2011, 04:58 AM   #29
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Surprise 58 from Imperial Cullinan
The Standard
Thursday, June 30, 2011

In a surprise move, Sun Hung Kai Properties (0016) yesterday put another 58 flats at Imperial Cullinan on the market, pricing them much lower than the first batch.

But it was not poor sales that prompted the step from the developer.

"Almost [all] 73 flats of the first batch were sold on the first day of sale [yesterday]," Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said.

"We have priced the newer flats lower because most of their views are not as nice as those in the first batch."

The newly available flats go on sale on Saturday at an average price of HK$15,982 per square foot - 14 percent lower than the first batch at HK$18,688 psf.

The price range is closer to nearby flats in the secondary market. The neighboring One Silver Sea project is priced around HK$15,000 to HK$16,000 psf.

Sales yesterday at Imperial Cullinan, atop Olympic MTR station, included a 2,523 square foot special unit bought by a mainlander for HK$108 million, or HK$42,806 psf.

Meanwhile, some developers do not know what to make of the future of the property market.

New World Development (0017) managing director Henry Cheng Kar-shun said although the government has put more plots up for sale, it will take time to build the flats.

And the effect - such as adjustments in price and transactions - will only come after.

"I can hardly see the prospects of the market clearly," Cheng said.

He also said the Home Ownership Scheme should be renewed, as the government has to act responsibly towards those with low incomes.

"But we really should not put a cap on either the supply of these flats, or the number to be built."

He believes the new supply of HOS flats should not impact the private housing market.

Cheung Kong (0001) sales director Justin Chiu Kwok-hung also said earlier he cannot forecast the future of the property market.

"That's why developers have to sell all their flats as soon as possible," he said. "The sooner the better."
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Old July 5th, 2011, 05:22 PM   #30
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Price cuts of 10pc fail to lure wary flat buyers
The Standard
Monday, July 04, 2011

Some eager homeowners are slashing their asking prices by up to 10 percent, but still failing to attract much response from potential buyers, realtors say.

Midland Realty director Sammy Po Siu-ming said generally speaking, vendors are only willing to reduce prices by 2 to 3 percent, while buyers seek cuts of at least 5 to 6 percent.

"The price expectation gap between the two sides has resulted in low transactions," Po said.

Over the three-day weekend, 21 deals were recorded at the 10 benchmark residential projects, compared with 17 over two days the previous weekend.

However, transactions at Tai Koo Shing, Kornhill and Whampoa Garden, in Hung Hom, remained at zero.

"Potential buyers - both end-users and investors - are still taking a wait- and-see approach. When some homeowners in Whampoa Garden even slashed their asking price as much as 8percent, the potential buyers still do not seem interested," said Hong Kong Property agent Timothy Yuen.

In the case of North Point, fellow Hong Kong Property agent Jeffrey Lam added: "Unless the potential buyers see a 5-8 percent drop in price, they would not even consider buying."

So motivated vendors are willing to slash asking prices by up to 10 percent to facilitate deals. One cut HK$200,000 off a 368-square-foot flat at Garden Rivera, in Sha Tin, before selling it for HK$2 million, or HK$5,435 psf.

"It is normal to see owners revising the asking prices for their flats nearby by around 10 percent," said Aaron Luk, a Midland Realty agent.

A 443-sq-ft flat at Amoy Gardens in Kowloon Bay sold for HK$2.43 million, or HK$5,485 psf - about 10 percent lower than similar neighboring homes.

As for the primary market, Sun Hung Kai Properties (0016) sold about 50 flats at Imperial Cullinan, a project atop Olympic MTR station.

The developer introduced another 43 flats to the market during the long weekend. These flats are sized from 1,481 sq ft, and priced from HK$22.27 million, or HK$15,036 psf - lower than the first batch's HK$18,688 psf.

So far, around 130 out of 650 flats at the project have been sold.


Meanwhile, DBS Bank has raised its Hong Kong interbank offered rate-based mortgage rates for the fifth time this year, to HIBOR plus 2-2.5 percent. Current one-month HIBOR stands at 0.2 percent. The new rate is effective today.
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Old July 13th, 2011, 04:44 AM   #31
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Secondary sales drop after mortgage hike
The Standard
Monday, July 11, 2011

Property transactions in the secondary market slowed last week from the previous seven days as several lenders hiked their mortgage rates.

According to Midland Realty, transactions at the 10 benchmark residential projects fell to 15 from 21 a week ago.

Of these, Kornhill, South Horizons, Laguna City, Mei Foo Sun Chuen and Discovery Park saw zero transactions.

"The mortgage rate hikes made potential buyers more cautious. This significantly slowed transaction," Midland Realty director Sammy Po Siu-ming said.

Last week, Bank of China (Hong Kong) (2388), Wing Lung Bank, HSBC and ICBC (Asia) raised their HIBOR-based mortgage rates.

Meanwhile, several owners also reduced their asking price.

One flat owner at Tai Koo Shing lopped HK$800,000 off the asking price to sell a 1,132-square- feet flat for HK$12.9 million, or HK$11,396 psf.

Another owner at Park Island slashed HK$700,000 off before selling a 816 sq ft flat for HK$4.8 million, or HK$5,882 psf.

Park Towers, a luxury project atop Tin Hau MTR station, saw one seller cut HK$1 million off the asking price to sell his 1,210 sq ft flat for HK$17 million, or HK$14,050 psf.

Meanwhile, Sun Hung Kai Properties (0016) sold at least 61 flats at Imperial Cullinan over the weekend.

So far, around 77 percent of the 260 units released have been sold. The project above Olympic MTR station has 650 units in all.

A further six Imperial Cullinan flats were put on the market at the weekend.

They include a 3,532 sq ft specialty unit that comes with a price tag of HK$156.97 million, or HK$44,442 psf.

The rest are sized 1,380 sq ft and priced at HK$17,211 psf.
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Old July 20th, 2011, 04:48 AM   #32
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Flat-out mad
The Standard
Monday, July 18, 2011

Aggressive canvassing by a property agent led to a punch-up with a security guard in an upmarket Kowloon mall.

It ended with both of them at Queen Elizabeth Hospital for treatment and then under arrest at a police station.

The fracas topped two weeks of strains caused by hundreds of agents from several property firms descending on Elements, the mall atop Kowloon MTR station.

There, it is said, they have stopped and often annoyed shoppers while promoting the sales of flats at the nearby Sun Hung Kai Properties' luxury project Imperial Cullinan.

Hard selling turned into hard blows just after noon yesterday, police said, as a 49-year-old security guard named Pang told an agent, Chan, 30, to leave the MTR Corp-run mall.

Hot words degenerated into the brawl, with Chan allegedly slapping Pang on the side of the head and the guard fighting back.

According to an MTR spokesman, it was around 12.15pm when the security guard told a group of people blocking a passageway in the mall to move and one of them pushed him. The guard later reported to police.

As officers told it, they received a report at 12.23pm and arrested the two men. Chan had injuries to his face, mouth and neck while Pang had damage to his left ear.

The spokesman said there has been several complaints from shops, shoppers and residents against the touting. And people at Elements said there has been a conspicuous build-up of security there.

A concierge disclosed that about 60 security guards have been
deployed daily since Sun Hung Kai opened a sales office for Imperial Cullinan at the International Commerce Center late last month.

The luxury property development is on Hoi Fai Road, a 10-minute walk from the Olympic MTR station in Tai Kok Tsui.

Agents say security guards previously only gave them verbal warnings if they handed out leaflets, but for the past week they have been asking them to leave.

Unconfirmed reports are that the agent involved in yesterday's brawl works for Hong Kong Property, though the agency declined to comment.

Besides that firm, Ricacorp Properties, Centaline Property and Midland Realty have sent agents to Elements.

A spokeswoman for the Estate Agents Authority - the agents' watchdog - said: "We're looking into the matter, but any disciplinary action will depend on the police investigation."

The authority, she added, has been monitoring the sales of Imperial Cullinan, but none of its people witnessed the brawl at Elements. She said there are guidelines against unscrupulous sales tactics, which include intercepting vehicles or distracting drivers.

In addition, property agencies must have written permission from developers if they plan to print promotional material about a property.

A local shopper at Elements, a man named Li, said he has been troubled by agents. They started the sales-pitch approaches "once I enter the mall," he said. "It's annoying."

He has visited the mall less frequently because of the touting, Li added.

Another shopper groaned: "An agent approached me when I was shopping at Mannings."

Thomas Ferrand, a French national who lives in an apartment above Elements, was among people in the mall yesterday with his daughter. He said he has been approached several times over the past week.

"I call them 'The Sharks,'" he said, adding he put up with the annoyance as he knows the agents will not be there for much longer. "If it happened all the time," he added, "then yes, I would complain."

But another local shopper, Winky Leung Chau-ping, said the agents were restrained and not aggressive.

"I told them I am not interested and they did not chase me," she said. " I don't think they are annoying."

People convicted of fighting can be jailed for up to a year and fined HK$5,000.

Aggressive sales tactics, meanwhile, appear to have spilled across the border from Hong Kong. About 100 Centaline Property agents were seen in Shenzhen trying to flag down motorists along roads near the new City Square property development in the Futian district.
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Old July 31st, 2011, 06:21 AM   #33
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More new homes on block as secondary prices ease
The Standard
Wednesday, July 27, 2011

Developers are putting more newly built flats on sale as homeowners in the secondary market continue to cut prices.

Chinese Estates (0127) yesterday said it will launch One Wanchai - a residential project in Wan Chai jointly developed with the Urban Renewal Authority - in the second half.

The project comprises 237 flats, ranging from 430 to 1,200 square feet. One Wanchai sits above the shopping mall built at the site of the old Wan Chai market on Queens Road East.

Construction is expected to be completed in early 2013. "We will take residential projects nearby as reference in pricing the flats," said Chinese Estates executive director Lau Ming-wai.

The flats are expected to cost about HK$17,000 to HK$18,000 per square foot. Neighboring flats are currently priced around HK$12,000 psf.

Kerry Properties (0683) said it got up to 1,000 inquiries on Soho 189, a residential project on Queen's Road West.

Kerry hinted the flats will be priced from HK$8 million. Once sold, most of the units are expected to be rented out.

"We are confident the flats can be leased for HK$50 psf per month, which is why we have partnered with Sotheby's to help owners lease out their properties," said executive director Chu Ip-pui.

Soho 189 comprises 149 units, ranging from 730 to 1,180 sq ft. The smallest unit is expected to command a monthly rent of about HK$36,500, giving its owner a 5 percent return.

Separately, Sun Hung Kai Properties (0016) said 500 of the 650 flats at Imperial Cullinan have been sold.

It also sold at least 39 of the 79 flats at its i.UniQ Grand project in Shau Kei Wan, with mainlanders buying 20 percent of the units.

Meanwhile, owners in the secondary market continue to cut prices.

One vendor sold a 660-sq-ft flat at Telford Garden in Kowloon Bay for HK$3.18 million, or HK$4,818 psf, about 24.7 percent less than prices of neighboring flats.

Another cut HK$1.22 million before selling a 1,048-sq-ft flat at University Heights in Mid-Levels West for HK$11.78 million, or HK$11,240 psf.
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Old August 1st, 2011, 05:18 PM   #34
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ok wow - agents are being crazy, and SHK is being crazy for pushing development in that spot, and the city is crazy for turning a blind eye - everybody knows this is an example of a "wind wall" and nothing good is going to happen here HK temperatures will continue to rise.
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Old August 2nd, 2011, 01:20 AM   #35
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They should have considered somewhere else.
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Old August 2nd, 2011, 04:04 AM   #36
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On centamap the site is already named Imperial Cullinan too... so i think it is time to change thread-title

And when you take a close look at centamap , then it seems that there is more
space between the project and its neighbours than it looks in the pics...
so maybe some flats are really worth the high money

I guess we have to wait untill somebody show/find some pics from showflats or buyers...

Nonetheless, IMO it isn't really a prime location at all.
Maybe just for the tower which is at far west of the site, since Island Harbourview will block most of the view at east side ...

.
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Old August 2nd, 2011, 12:51 PM   #37
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Old September 6th, 2011, 06:27 PM   #38
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8/14

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Old September 13th, 2011, 02:24 PM   #39
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9/13



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Old September 14th, 2011, 01:08 AM   #40
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