HOME-HUNTERS responded positively to the sale of 11 apartments at Stanley Lodge in Stanley, nine of which were offered with existing tenancy leases, according to sales agent A. G. Wilkinson & Associates. The units, measuring 1,550 to 1,700 square feet, are being offered at an average price of $4,743 per sq ft. The tenancy leases on the nine apartments are due to expire between December 1995 and March 1997. Current rental prices for those units range from $35,500 to $50,000 per month, representing a return yield of about six per cent. Six units have either 309 to 815 sq ft of garden space or a 1,141 to 1,281-sq ft roof area. Some units are being sold with car parking spaces. A spokesman for A. G. Wilkinson said the open day, held last weekend at Stanley Lodge, to promote the sale attracted many potential buyers. He said the offer prices of the units were attractive, noting that a 1,700 sq ft unit in the project sold for about $9 million, or $5,294 per sq ft, in September. Apartments in Stanley were selling for about $5,000 to $6,000 per sq ft, he said. Stanley Lodge, built in 1989, consists of 24 units. The 11 apartments put on sale are mainly owned by Tanyan Limited, which holds the units for investment purposes. A. G. Wilkinson said two buyers had made counter-offers for the two vacant apartments on offer. Estate agents generally expected that buying interest would be stronger for the vacant units than for the units with tenancy leases, because the market was now mainly dominated by end-users. Kitty Lau, manager of the Stanley branch at Midland Realty, said the selling prices of the Stanley Lodge units were in line with market prices. She said an apartment in the project, available for immediate occupancy, recently sold for about $5,100 per sq ft. The fact that most of the Stanley Lodge units were sold with leases might reduce their attractiveness because most buyers now were end-users, not investors, she said. Eric Cheung, senior manager of Island South & Central Mid-Levels branch at Ricacorp Properties, said the selling prices of the Stanley Lodge units were not that attractive, considering that they were tied to leases. Buyers were selective and looking for bargains, so it was difficult to see all units selling out immediately, he said. Agents estimated that selling prices for vacant units in Stanley Lodge were about $5,000 to $5,100 per sq ft. Some agents said the apartments in Stanley Lodge did not come with sea views or have clubhouse facilities, which could weaken their appeal to buyers. FACT FILE DEVELOPMENT: Stanley Lodge, a low-rise apartment development at 8 Stanley Mound Road, Stanley OWNER: Tanyan Limited NUMBER OF APARTMENTS ON SALE: 11 SIZE OF FLATS: 1,550 to 1,700 sq ft AVERAGE PRICE: $4,743 per sq ft on staggered-payment TOTAL NUMBER OF APARTMENTS: 24 COMPLETION DATE: End of 1989 SALES AGENT: A. G. Wilkinson & Associates FACILITIES: Car parking spaces affiliated to apartments; some units have 309 to 815 sq ft garden space, or 1,141 to 1,281 sq ft roof area. PAYMENT SCHEMES: Initial deposit $350,000 Lump sum payment: 10 per cent down within one week; balance payable within three weeks. Staggered payment: 10 per cent down within two weeks; balance due within 90 days. Instalment payment: Eight per cent down within two weeks; 32 per cent payable in four instalments within eight months; balance 60 per cent due within 12 months.