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Sandy Li

Henderson Land Development is launching the first batch of 68 units in Metro City at lower than expected prices but expects to generate proceeds of between $6 billion and $7 billion from the sales of the first-phase development.

   It includes six towers of 2,048 units. The units are of 487 to 909 square feet.

  The first 68 units on public sale at Metro City, in Tseung Kwan O, are being offered at an average price of $4,111 per square foot, about 10 per cent lower than the prices charged for units sold internally.

  The developer sold 152 residential units internally earlier this week at a price of $4,600 per sq ft. The discount is seen as a move to tempt buyers.

   Henderson sales manager Thomas Lam Tat-ming said: 'We are confident of selling out all units in the first day and we are likely to put up more [for sale] given a strong demand.'    The developer is providing free furniture to the first 68 buyers.

  Prices of the 68 units are between $1.89 million and $4 million on lump sum payment. The units are scheduled to be completed in the first quarter of next year.

  Developed in three phases, Metro City will include 21 residential towers with a total of 6,800 units. The entire project is expected to be completed in 2001.

  Midland Realty Laguna City branch sales manager Grace Chan Chui-sim said the project would generate strong interest from first-time home buyers.

  Henderson will provide a 20 per cent second mortgage loan on top of the 70 per cent bank loan.

  It is the first large-scale residential project in the area put up for sale in recent years.

  Ms Chan said Tseung Kwan O's secondary housing market was inactive as the area would remain badly serviced by public transport until all the major infrastructure was completed in 2001.

  Infrastructure developments include the Tseung Kwan O MTR extension, ferry services to Hong Kong Island and six expressways.



First Metro City units launched at discount