SINO Land is expected to draw respectable, but not overwhelming, response from buyers at the sale of its Classical Gardens project in Tai Po, estate agents say. The company is offering 108 flats in the mid-rise project at an average price of $4,879 per square foot, down 10 per cent from its last sale in November. This represents a drop of 15.3 per cent from the sale of 38 units during the market boom in April last year. The current offering comprises 72 flats, measuring 682-1,135 sq ft, in Block 1, and 36 units in Block 2 of the phase two development. The sale begins on Saturday. Thousands of people flocked to the project's construction site at Ma Wo Road to visit the show flats last weekend. Registration for buyers started on Monday and ends tomorrow. Larry Hui, supervisor at Tai Po branch of Centaline Property Agency, said asking prices for Classical Gardens flats in the secondary market were $5,200 to $5,300 per sq ft. But there had been no transactions in the last few months because buyers demanded much lower prices, while sellers who bought the flats at high prices declined to sell at low offers, he said. Mr Hui said the selling prices of the latest Classical Gardens release, although lower than secondary market levels, were still higher than the market expected. 'I doubt whether the 108 units can be sold out immediately, because the prices are not exceptionally low. As the developer is unlikely to raise prices for future sales, people probably will not rush to buy,' he said. Accumulated demand also had been absorbed by other residential sales, such as last month's release of 1,070 flats at Royal Ascot, he said. Ringo Ng, sales manager at Tai Po branch of Midland Realty, said the forthcoming sale would deal a severe blow to the secondary market and some home sellers would have to lower asking prices. He expected the sale to be warmly received by home seekers and about 60 per cent of the units to be snapped up on the first day of sales. 'The prices are not very attractive, but they are adjusted to more reasonable levels and will be accepted by some end-users,' Mr Ng said. Classical Gardens is one of the biggest residential developments under construction in Tai Po, comprising 27 blocks, each 12-storeys, being built in four phases. Agents expect the large supply of flats at the project may limit appreciation of prices there. Sino Land is offering three different payment methods. Buyers using a lump sum payment to complete the purchase within 30 days are given an 8.5 per cent discount - an average price of $4,464 per sq ft. The developer also offers an extra 10 per cent mortgage loan to buyers in a co-finance scheme with bankers, which means up to 80 per cent mortgage is available. Selling price for this alternative is $4,625 per sq ft, a 5.2 per cent discount to the listed price. To attract buyers, Sino Land is committed to providing hotel-style services such as cleaning, laundry and grocery delivery. At the market's peak in April last year, Sino Land sold 43 flats of Classical Gardens at an average price of $5,699 per sq ft, and 30 units at $5,761 per sq ft. DEVELOPMENT: Classical Gardens, a 27-block mid-rise residential development at Ma Wo Road, Tai Po. DEVELOPER: Sino Land. NUMBER OF FLATS ON SALE: 108. SIZE OF FLATS: 682-1,135 square feet. AVERAGE PRICE: $4,879 per sq ft. REGISTRATION: April 24-27. DATE OF SALE: April 29. SITE AREA: 500,000 sq ft. FACILITIES: 200,000 sq ft clubhouse with swimming pools, gym, squash courts, billiard room and other recreational facilities; shuttle bus services to and from Tai Po Market station of Kowloon-Canton Railway. PAYMENT SCHEME: Initial deposit $400,000 on registration. Lump sum payment: 10 per cent deposit; further 10 per cent in two weeks; balance payable within 30 days.