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Kenneth Ko

DESPITE an apparent lukewarm response to its Laguna City development in Kwun Tong, Cheung Kong (Holdings) has decided to release another 96 flats, doubling the number of units on sale.

  The extra units will be offered at the same price as those in the first batch.

  Estate agents said the buyer response was less enthusiastic than expected.

  A total of 452 potential buyers applied for the latest sale during the three-day registration which ended yesterday.

  Some agents had predicted a stronger registration response in view of the development's popularity.

  About 40,000 people have visited the project's show flats since their opening to the public last week.

  Ricky Lin, manager at the Laguna City branch of Midland Realty, said he was slightly disappointed by the number of registered buyers.

  But he added that the response was not too bad either, considering the current market sentiment.

  'Market sentiment has weakened substantially and is far less exciting than the rally in March,' he said.

  'It will be difficult to see a quick sell-out of the Laguna City units now. The sales result will be very good if 70 per cent of the units are sold on the first day.'   The original 96 flats, measuring 644 to 939 square feet, are offered at an average of $5,269 per square foot, 1.3 per cent down from the last sale in January.

  Buyers completing the deal within four weeks can have a four per cent discount.

  For furnished units, buyers have to pay an extra $200 per square foot.

  To promote sales, Cheung Kong allows buyers to buy car parking space at a starting price of $600,000, a discount of $200,000.

  But Mr Lin said the discount for car parking lots offered and the provision of furnished units would have limited the project's attraction to genuine buyers.

  'The market is now dominated by end-users. Except those desperate for car parking space, buyers will probably not stretch themselves to take up the offer under the current market conditions,' he said.

  The $200,000 car park discount, if taken as a concession in flat values, means buyers will be getting a discount of more than $300 per square foot in the purchase of small units, and more than $200 per square foot for the larger units.

  Cheung Kong also offers to provide an extra 10 per cent mortgage finance to help end-users. Formal sales will begin tomorrow.



More Laguna City flats go on sale