A respectable number of buyers turned out for the sale of Kerry Properties' low-rise housing project Regency Park phase two development in Shenzhen. By Monday, buyers had snapped up nine of the 25 garden villas on offer at prices averaging about $1,672 per square foot. The villas, which went on sale about two weeks ago, measure 3,110 sq ft and have 1,259 to 4,596 sq ft gardens. The luxury project, located in Yinghu Road in Lowu district, is a joint venture with Top Glory Group and Salim Group of Indonesia. The project's marketing manager, Lily Zhong, said the project's phase one development, comprising 102 apartments and 13 garden villas, was sold in 1993 for an average price of about $1,115 per sq ft. She said those units were occupied and that second-hand transacted prices had risen about 20 per cent. Regency Park is built on a 589,275 sq ft site and has a gross floor area of 471,463 sq ft. Kerry has reserved land for its future phase three development but has not yet decided whether to build apartments or villas. Lisa Wong, marketing services manager of Kerry Holdings (China), said the Yinghu Road area was Shenzhen's luxury residential district. The Regency Park site was the last piece of land awarded by the Shenzhen authorities in the district, she said. At present, the Regency Park villas are the only new properties available for sale there. Each villa in the phase two development is three storeys and features four ensuites, a private garden of 1,259 to 4,596 sq ft and two private car parking spaces. The villas are for sale to both Hong Kong and mainland buyers. Hongkong Bank will provide up to 60 per cent mortgage loans with a maximum maturity of 10 years. Mortgage rates are 2.75 per cent over prime rate. Buyers can choose to pay by a lump sum or staggered payments. Those opting for a lump sum payment will receive a six per cent price discount but the purchase must be completed within two months. Kerry officials said the project was well located, with easy access to Hong Kong via Lowu or other border check points. Kerry Properties is the property arm of Kerry Group - the owner of Shangri-La Hotel chain and developer of Shenzhen Xili Golf Club. Besides property projects in Shenzhen, Kerry is undertaking projects in other major cities, including Beijing, Shanghai, Changchun, Shenyang, Dalian, Qingdao, Tianjin, Fuzhou, Suzhou, Harbin, Wuhan and Beihai. FACT FILE DEVELOPMENT: Regency Park, Yinghu Road, Shenzhen DEVELOPERS: Kerry Properties, Top Glory Group and Salim Group NUMBER OF HOUSES ON SALE: 25 SIZE OF UNITS: 3,100 sq ft AVERAGE PRICE: $1,672 per square foot COMPLETION DATE: End of 1996 FACILITIES: Swimming pool, tennis court, gym, sauna, car parking PAYMENT: Initial deposit $200,000. Lump-sum payment: 20 per cent within 14 days, balance in 45 days. Staggered payment: 20 per cent within 14 days, 20 per cent in about two months, balance at occupation.