Sun Hung Kai Properties (SHKP) and Sino Land are expected to release two luxury residential projects near Tsim Sha Tsui at a premium price of $10,000 or more per square foot. The move comes despite talks of an upcoming market correction. The two projects - King's Park Villa and The Regalia - are in the prestigeous residential area of King's Park Rise where new flats are scarce. Some analysts and estate agents questioned whether the units might be too expensive for prospective buyers. They said prices in the luxury sector were beginning to dip slightly and doubted either developer could get the rumoured $10,000 to $12,000 per sq ft for the spacious Kowloon units. Agents said SHKP and Sino Land should get their timing and pricing right if they hoped to take advantage of buyer sentiment. 'These are very expensive homes,' HG Asia analyst Franklin Lam said. 'So you want to launch them when buyers are greedy.' The Regalia is a joint venture between Sino, Wheelock Properties and China Overseas Land & Investment, comprising 302 units ranging from 1,000 sq ft to duplexes of 2,500 sq ft. At a selling price of $10,000 per sq ft, even the smallest units would cost $10 million. Sino chairman Robert Ng Chee Siong had indicated earlier that the price could exceed $10,000 per sq ft. King's Park Villa includes 360 units. The standard units are $1,100 to 1,500 sq ft with duplexes ranging from $2,000 to 2,400 sq ft. Analysts believed that asking prices at the project could be as high as $11,000 or $12,000 per sq ft. That would make the smallest units worth more than $12 million. 'I don't think that the market has the strength to support that kind of pricing,' Mark Noton, residential director with Brooke Hillier Parker, said. 'The market is a lot better than it was 18 months ago. But it is not the frenetic market of 1994.' Many analysts said a price tag of $10,000 to $12,000 per sq ft for these luxury units was too high for the market. Neither SHKP, which has received permission from the government to pre-sell the units, nor Sino Land would divulge its pricing strategy at this stage or say how many units would be put on the market. But some analysts expected SHKP would offer its units for sale internally first - at about $8,500 to $9,000 per sq ft to test market sentiment. Depending on these sales go, SHKP would then release more units on to the open market at considerably higher prices. Mr Lam said SHKP was in no rush to release the property on to the market and might hold off until next year. 'Rushing into the market is not the Sun Hung Kai style,' he said. However, other analysts cautioned that if SHKP wanted to catch market sentiment while it was hot, they should release the flats sooner than later.