THE sale of more than 500 remaining flats in the Laguna City project will make about $2.8 billion for Cheung Kong (Holdings), executive director Katherine Hung Siu-lin says. She said Cheung Kong would offer the first 64 flats next week for an average of $5,209 per square foot and the release of additional units would depend on buyer response. The price was a rise of 5 to 6 per cent on the previous sale of $4,900 to $5,000 per square foot in January, estate agents said. The 500-plus units available for sale are in the fourth and last phase of the eight blocks of the Laguna City development which has been renamed Laguna Cove. Ms Hung said the release included some units left after the recent default by Mass Resources Development on its purchase and about 400 units in Block 12 and Block 23 which had the 'best' sea views in the development. Because of strong demand for larger units, Cheung Kong offered to combine adjacent flats into one in the upcoming sale, she said. The 64 units - in blocks 10, 12, 20, 21 and 23 - range in size from 644 square feet to 941 sq ft. The merging of adjacent units would give a range of 1,462 sq ft to 1,608 sq ft. Ms Hung said the Government's cut in stamp duty on property transactions was good news for home-buyers, especially those who wanted to upgrade to larger flats. The cut takes effect from April 1 but Cheung Kong would give buyers flexibility in payment arrangements to enable them to take advantage of it, she said. Twelve banks are committed to providing mortgages. Some offer a discount of one percentage point in mortgage rates or up to 1.25 percentage points for selected customers. Cheung Kong was offering a 20 per cent 10-year top-up mortgage for buyers at standard mortgage rates and would register prospective buyers from Monday to Thursday. The Laguna City units will officially go on sale on March 16. Furnished units are an extra $200 per square foot. Ms Hung said Cheung Kong would sell the flats through registration and computer ballot instead of on a first-come first-served basis to ensure an orderly sale. Certain units would be retained for internal sale at similar prices but she would not give details. Laguna City flat buyers would be entitled to a $150,000 discount on the price of about 500 parking spaces priced at about $800,000 each. Other residential projects scheduled for sale in the latter half of the year included the joint venture with Pacific Concord in Ma On Shan and the joint development with the Chinese Anglican Church in Tai Po, Ms Hung said.