FOUR luxurious mansions under construction and expected to sell for more than $40 million each will be launched by Lai Sun Development soon. The four-unit development, called Cambridge Place, is on Cambridge Road in Kowloon Tong. Each house, including front and back yard, covers between 7,200 to 8,000 sq ft. Frank Marriott, head of marketing agent First Pacific Davies' Kowloon residential sales department, said the sale of the four mansions should spark a lot of interest among wealthy home buyers as there were very few homes of that size that came to the market. 'Of all of the 950,000 privately owned flats in Hong Kong, only seven per cent are larger than 1,000 square feet,' Mr Marriott said. 'Less than one per cent of the total housing stock in Hong Kong measures more than 5,000 square feet.' Each house of Cambridge Place includes seven bedrooms, five bathrooms, servants quarters, a front yard, back garden, three or four covered garages, and a rooftop terrace. The living rooms, which take up the whole ground floor, measure more than 1,000 square feet. The kitchen and servants quarters are on the first floor. The second and third floors have seven bedrooms and five bathrooms. The fourth floor comprises the master bedroom. The homes were designed by local architect Stephen Leach. Mr Marriott was confident the homes would be sold rapidly for the anticipated price of between $7,500 to $8,000 per sq ft. 'Prices which have been achieved in the area are between $7,500 to $8,500,' he said. 'The houses here are very wide and very big.' Equally important is the fact that Kowloon Tong is known as a prestigeous, low-density, low-rise residential area and an opportunity to own a home in the area is extremely rare. No new supply in the area is planned. 'Kowloon Tong is a very opulent area. These houses will sell very well.' Mr Marriott said local manufacturers and industrialists would be the most likely candidates for buyers. 'If you look at the target market, it is the people who have done phenomenally well over the past few years.' FACT FILE NAME OF DEVELOPMENT: Cambridge Place, a four-unit development at 10 Cambridge Road, Kowloon Tong DEVELOPER: Lai Sun Development NUMBER OF HOUSES FOR SALE: Four SIZE OF HOUSES: more than 5,000 sq ft HOUSE LOT SIZE: 7,200 - 8,000 sq ftPRICE: between $7,500 to $8,000 per square foot SALES AGENT: First Pacific Davies AMENITIES: Front yard, back garden, roof-top terrace, servants quarters, well served by schools COMPLETION DATE: End of 1996.