National Electronics Holdings will sell five more luxury units in its Bluewater development in Tai Tam Road, Stanley, after 15 buyers registered for the first two offered. The extra units include a penthouse and will be sold for an average price of $24,400 per square foot, about 16 per cent more than the original selling price of about $21,000 per square foot. 'Interested parties had to submit a reservation fee of $5 million, so the response was incredible,' said Charles Wheatman, director of selling agent Classic Properties, a division of Jones Lang Wootton (JLW). The result was all the more remarkable considering how quiet the luxury property market had become, he said. Agents said transaction levels in the last two weeks dropped by as much as 70 per cent in anticipation of anti-speculation measures foreshadowed by the new SAR government. National Electronics officials said they dropped their original price by 10 per cent to $21,000 per square feet because of comments by post-handover executive councillor Leung Chun-ying that the SAR would get tough with speculators. The buyer response indicated end-users and long-term investors were still keen on the luxury market, a JLW official said. 'It is mainly speculators who will have second thoughts about getting into the market,' he said. The three-bedroom units are about 2,500 square feet each. The developer is expected to net about $400 million from the seven units.