ALL eyes are on Wheelock Properties' sale at its Sha Tin residential development Parc Royale tomorrow. The developer on Thursday caught the market by surprise announcing a nearly 10 per cent increase to $4,262 in the selling price of the next batch of its Parc Royale apartments. It marks the first time a developer in Hong Kong has put that high a price increment on its housing project at one time since the market entered its dormant period after the Lunar New Year. The decision was made after the company received an enthusiastic response to the upcoming first batch sale of 60 units. More than 600 eager buyers showed up on Thursday at Wheelock's sales office and were willing to pay about $5 million for a 1,200 square-foot Parc Royale apartment. The strong response encouraged Wheelock to make the higher price move. Together with the original 60 units on offer, it brings the total for public sale tomorrow to 238. That represents 37 per cent of the entire housing project - the main source of Wheelock's property revenue. If the significant increase in the selling prices discourages home-buyers, Wheelock will face difficulty in selling the remaining 400 units in the development. In other words, it will lose one of the major sources of property income for this year. Estate agents said Wheelock's move indicated its confidence in its project and reflected an optimistic projection of the housing sector. Taking into account the market price, they said the move was not a big risk. The revised level of $4,262 per sq ft is still in line with the market. It is expected that 60 to 70 per cent of the extra 178 units will be snapped up by eager home-buyers who believe the market is bottoming out. Encouraging sales for Wheelock not only help to boost its sales income, but also help rejuvenate buying sentiment for the housing sector.