TAK Wing Investment (Holdings) is gearing up for the launch of its first batch of apartments at its joint venture Beijing development, Fairview Garden. Internal sales to staff and associated parties began last week, ahead of a public sale which kicks off next month. Tak Wing expects demand to be strong. 'This is because the units are being sold at middle-range prices,' said Yu Chee-kwong, general manager of Beijing Glory Real Estate Development, a 50-50 joint venture between Tak Wing and Beijing Dacheng Real Estate Developing. Phase one of the development contains 156 units, which are spread over two 14-storey towers. Twenty-four of the units were offered for internal sale. Mr Yu said: 'Potential buyers are likely to be multi-national corporations operating in Beijing and serious long-term investors from Hong Kong, Taiwan and Singapore looking for an attractive yet stable yield.' He said prices for the phase one sale averaged US$209 per square foot. Units on the eighth and eleventh floors of Tower I and II have been reserved for staff and associated parties. If the demand for internal sales is greater than expected, fewer than 132 units could be offered to the public. Mr Yu said the internal sale units were being sold at a concessionary price of $188 per sq ft. Unit sizes range from 1,119 sq ft to 1,614 sq ft. Construction is scheduled to be completed at the end of 1996. Mr Yu said the company would give priority to developing residential space over commercial space, because the demand for residential space was greater. When completed, Fairview Garden will have nine residential blocks with a total gross floor area of 1.07 million sq ft. There will also be 430,560 sq ft of retail and commercial space and a 269,100-sq ft office tower. FACT FILE DEVELOPMENT: Fairview Garden, a residential and commercial development in West Ritan Road in Beijing's Chaoyang District. DEVELOPER: Beijing Glory Real Estate Development Co SIZE OF FLATS: 1,119 sq ft to 1,614 sq ft AVERAGE PRICE: US$209 per sq ft DATE OF PUBLIC SALE: December, 1995 NUMBER OF FLATS: 156 units in Tower I and II of first phase development TOTAL AREA OF ENTIRE DEVELOPMENT: about 1.5 million sq ft COMPLETION DATE: end of 1996 for first phase development SALES AGENT: Colliers Jardine Property Services (China) Ltd FACILITIES: swimming pool, tennis courts, saunas, car park spaces and satellite TV.