STIFF competition from other recent housing project launches could cut into sales at Sun Hung Kai Properties' new mid-rise residential development, Woodland Crest, in Sheung Shui. Because of the other launches, estate agents said Woodland Crest might not generate a strong response from buyers. The developer last week announced that the first batch of 96 units in Blocks 2, 3, 6 and 8 at Woodland Crest would be offered for public sale on October 28 at an average price of $3,497 per square foot. Estate agents said the selling price was slightly higher than secondary market prices and more expensive than some primary releases of apartments in nearby districts. Angus Hui Wai-pong, senior sales supervisor at Centaline Property Agency's Fanling-Sheung Shui branch, said: 'Buyers have other choices at this price range, such as Hang Lung Development's Parc Versailles in Tai Po, which is relatively cheap.' Parc Versailles units, ranging from 998 to 1,320 sq ft, are priced at about $3,300 to $3500 per sq ft. Mr Hui said Wheelock Properties' Parc Royale apartments in Sha Tin are considered more attractive, given the better location and pricing. Woodland Crest is a large-scale residential project at Tin Ping Road, which, when finished, will consist of 540 flats, ranging from 967 to 1,234 sq ft in size. The first batch of flats to be sold are between 1,049 and 1,179 sq ft. The development is expected to be completed by the middle of next year. Alice Wong Pui-ki, sales manager of Midland Realty's Sheung Shui branch, said the market for large-sized apartments was relatively small compared with that of the mass housing sector. 'I do not expect that the upcoming sales batch of 96 units will be over-subscribed by home-seekers,' said Ms Wong. Registration for buyers will begin on October 20 and end on October 25. However, Ms Wong said the project would be welcomed by buyers who preferred to live in the district. Sun Hung Kai will offer several payment alternatives for home-buyers. But some agents said the financing arrangements were not attractive enough. The company plans to offer cash buyers an eight per cent discount, which puts the sale price at $3,217 per sq ft. However, the buyers must complete their purchases within a month. Sun Hung Kai Properties would provide these buyers with an extra mortgage loan of up to 10 per cent. Home-buyers are allowed another payment alternative under which they would be required to pay 20 per cent of the flat's price in 14 days. Another 20 per cent must be paid in 20 interest-free monthly instalments from December 1, with the balance settled before July 31, 1997. Buyers who choose this option will have to pay a seven per cent premium on the listed price. FACT FILE DEVELOPMENT: Woodland Crest, an eight-block residential development at 33 Tin Ping Road, Sheung Shui DEVELOPER: Sun Hung Kai Properties NUMBER OF FLATS ON SALE:96 SIZE OF FLATS: 1,049-1,179 sq ft AVERAGE PRICE: $3,217 per sq ft on lump sum payment; $3,497 on staggered-payment REGISTRATION PERIOD: October 20-25 DATE OF OFFICIAL SALE: October 28 TOTAL NUMBER OF FLATS: 540 units in eight blocks. COMPLETION DATE: The middle of 1996 SOLE SALES AGENT: Sun Hung Kai Real Estate Agency FACILITIES: 190,000 sq ft of landscaped Oriental-style garde, club house facilities including a swimming pool, gymnasium, tennis courts, a sauna PAYMENT SCHEMES: Initial deposit of $350,000 LUMP SUM PAYMENT: 10 per cent down; further 10 per cent within 14 days; balance 80 per cent payable within 30 days. STAGGERED PAYMENT: 10 per cent down; further 10 per cent within 14 days; five per cent by December; five per cent by March 1996; balance payable upon occupation INSTALMENT SCHEME: 10 per cent down; further 10 per cent within 14 days; 20 per cent payable over 20 months; balance due July, 1997.