Cullinan Sky 2-Bedroom Flat Sees 18% Gain as Owner Nets $1.77M in Just 10 Months!

The secondary property market continues to heat up, with some new developments recording rare short-term profits. Recently, a two-bedroom unit at Cullinan Sky in Kai Tak marked its first secondary transaction, with the original owner exiting the market with a significant gain.

The unit, located on a mid-floor (Block 5, Unit E) with a usable area of 457 square feet, was sold for HK$11.5 million, equivalent to HK$25,164 per square foot.

The original owner had purchased the property in October 2024 for HK$9.728 million. After holding it for just 10 months, they achieved a paper profit of HK$1.772 million, representing an 18% increase in value.

In another case, a one-bedroom unit at the same development (Block 6, Unit A2) with a usable area of 298 square feet also recorded short-term gains.

The unit was sold for HK$8.4 million, or HK$28,188 per square foot. The original owner, who purchased it for HK$7.44 million in October 2024, made a paper profit of HK$960,000 after holding it for 10 months, reflecting a 13% appreciation.

The new buyer, a local resident, purchased the one-bedroom unit for family use. The convenience of the development’s location above an MTR station played a key role, prompting the buyer to close the deal within 24 hours of viewing.

Cullinan Sky offers luxurious amenities, including a sky clubhouse with a 50-meter infinity pool, further enhancing its appeal to buyers.

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