Lai Sun Development Co is releasing the first batch of 38 flats at its Panorama residential development in Tsuen Wan to take advantage of the mass housing market boom. The selling price was pitched at an average of $6,095 a square foot on staggered payment. This does not require buyers to finalise their purchases until the project's completion in July next year. Property agents said the price was 27 per cent higher than the average transacted price of $4,800 a square foot for the nearby residential Belverdere Garden. The average price of the Panorama flats is set at $5,491 a square foot on cash payment, which requires buyers to complete the purchase within 30 days after the signing of the sale and purchase agreement. Lai Sun director Julius Lau Shu-yan said the first 38 flats would be released on January 18, with registration of buyers from tomorrow to Tuesday. The development's 344 units range from 699 to 951 square feet. The 50-storey tower is 50 per cent owned by Lai Sun, 25 per cent by South China Holdings and 25 per cent by South China Industries. Mr Lau said the project, a redevelopment of a manufacturing plant, was not under a pre-sale consent scheme and individual buyers were allowed to resell the flats immediately after purchase. Estate agents said the project would attract some speculative interest. Total investment in the project is about $800 million while the development is expected to realise $1.8 billion, assuming that all units are sold, according to Lai Sun. The Panorama is one of four Lai Sun residential developments scheduled for sale this year. The other three projects include two luxury detached houses in Kowloon Tong-Wiltshire Place in Wiltshire Road and the La Salle Place in La Salle Road. Both are scheduled for sale next month and selling price is expected to be set at between $10,000 and $11,000 a square foot. Wiltshire Place, with a gross floor area of 18,258 sq ft, comprises four houses ranging from 6,138 to 7,103 sq ft. La Salle Place, with 21,846 sq ft, consists of four houses ranging from 5,180 to 5,273 sq ft.