Heavy rain failed to dampen home buyers' interest in Metro City, in Tseung Kwan O, with developer Henderson Land Development Co having to put an extra 280 units on sale yesterday. That raised the number of units on sale to 800, with 630 sold by 5.30 pm. Of the 280 extra units, estate agents said 204 were priced at $4,784 a square foot. The remainder went beyond $4,800, a rise of more than 16 per cent on the $4,110 pitched for the first 68 units put on the market. After the initial 68, Henderson offered an extra 172 units and raised prices 4 per cent to $4,280 a square foot. Earlier last week, 176 more units were offered at $4,408 a square foot. On Friday, a further 104 units were released at $4,590 a square foot. Henderson registered 4,137 prospective buyers during the nine-day registration period which ended on Friday. Ken Lo, a manager at Centaline Property Agency, said the units should easily sell out, judging by yesterday's sales and Henderson's swift move to raise prices. 'As Tseung Kwan O is a new town, the price is still acceptable to real home-buyers,' he said. Metro City, the first big private housing development in the district, is expected to provide a gauge for buying interest in the area for private housing. Some analysts voiced concern excessive supply in the area, and the fact Mass Transit Railway links would only be in place by 2001, would curb price appreciation. Sun Hung Kai Properties will put on sale its 2,184-unit East Point City by year end and the Hong Kong Housing Society is scheduled to release its sandwich-class housing project Radiant Towers, with 704 units in two blocks, next month. Henderson is also expected to sell the remaining 1,200 units of Metro City Phase 1.
