Buyers queue for 160 flats

CHEUNG Kong (Holdings) will release another 160 flats from the seventh phase development of its Kingswood Villas in Tin Shui Wai today after an initial enthusiastic response from home buyers.

The company said about 300 people were queueing up at Cheung Kong's sales office at Kingswood Villas yesterday to apply for today's sale.

Cheung Kong initially planned to release the first batch of 192 flats in blocks five and seven to test market sentiment.

Units ranging from 576 square feet to 811 sq ft will sell at an average price of $2,115 per sq ft. Buyers will be offered the option of combining two flats into one.

Property agents said the first batch of units would be snapped up by home-buyers during the first day of sale.

Mike Chan, manager of Midland Realty in Tuen Mun, said the sales response would be encouraging provided prices remained at the same level as the first batch.

He said the sale would pressure secondary market prices.

Meanwhile, a show flat in Crystal Park, a residential development in Yuen Long, will open next Friday.

Units, ranging from 600 sq ft to 850 sq ft, will sell for about $2,200 per sq ft.