WHEELOCK Properties sold all 54 flats on offer at its Bailey Garden in Hunghom yesterday. Estate agents attributed the strong buyer response to attractive pricing and generous mortgage terms, and expected the developer would raise prices for future offers. The 54 units, measuring 486-639 square feet, were offered at an average price of $4,306 per square foot, down 31.7 per cent from the previous sale in April last year. More than 100 potential buyers queued overnight for yesterday's sale, some having waited since Tuesday. Wheelock managing director Ray Tse Chee-on said the enthusiastic response reflected underlying demand for quality flats in urban areas. Wheelock was considering the release of more units to meet demand and had registered another 60 prospective buyers who missed out yesterday, he said. The company still has 110 to 120 unsold units in the project. It said more than 70 per cent of the 54 buyers chose the 20 per cent top-up mortgage option provided by the developer. Analysts said the facility was popular because buyers were not required to make a repayment on the loan until the fourth year. Eric Lam, senior sales manager for Centaline Property's Whampoa Garden branch, said the instant sale was not unexpected given the lower-than-expected pricing and a special 90 per cent mortgage provision. 'Although buyers using the top-up mortgages have to pay a six per cent premium in price, they need to pay only 10 per cent of the property value, or about $200,000, as down-payment. 'That is very attractive,' he said. Mr Lam expected Wheelock to increase its prices by about five per cent for the next batch of units on sale. Bailey Garden is a newly completed development in Bailey Street, comprising 432 units. Lai Sun Development said it had sold 37 units at Blessings Garden in Mid-Levels since last weekend. It released 32 units on Saturday at $6,046 per square foot and later released 30 more to meet demand. Hang Lung Development will offer 60 flats at Parc Versailles in Tai Po tomorrow at an average $3,602 per square foot. About 90 prospective buyers are registered for the units, measuring 1,038-1,185 square feet, for which the developer will offer 20 per cent top-up loans on top of normal bank mortgages.