SINO Land has slashed the price for its release of flats in the low-rise Classical Gardens project in Tai Po by more than 10 per cent. The company yesterday said it would offer 72 flats in Block One and 36 units in Block Two of the second phase of the development on Saturday April 29 at $4,879 per square foot, a cut of 10.7 per cent from the last sale in November. It is also 15.3 per cent down from the $5,760 per sq ft achieved in April last year. Property agents expected the sale of Classical Gardens to be warmly received because the price was 'reasonable'. Midland Realty Tai Po branch supervisor Ringo Ng said: 'The selling price is lower than the price tag of $5,000 set in the secondary market.' But Mr Ng said the asking price in the secondary market was not a good indicator by which to predict buyer response. 'The $5,000 level is too high for home buyers. What they are willing to pay for the flats in this development is about $4,600 to $4,800 per sq ft,' he said. 'Sino Land's bargaining offer will lure some home buyers.' But he did not expect overwhelming results because the price was in line with market expectation. He expected the 108 units would be oversubscribed by up to two times and at least 60 per cent of the units would be snapped up by buyers immediately. However, this would be subject to the preferential payment methods and the penetration obtained by the developers' promotions. Buyers who choose the lump-sum payment method are offered a 8.5 per cent discount on the listed prices. Sino Land offered an extra 10 per cent mortgage loan to buyers - the price for this alternative is $4,625, 5.2 per cent lower than the listed price. L & D Associates Tai Po branch manager Teresa Law was optimistic about the sales response because of a demand for low-rise luxury flats at Tai Po. Registration runs from Monday to Thursday. Meanwhile, Wheelock Properties yesterday said the forthcoming launch of 100 flats of Phase Six of Parc Oasis in Yau Yat Chuen had met with a healthy response but no figures were released.