The discount sale of Vista Paradiso in Ma On Shan may trigger a new price war among developers, say estate agents.
The sale covers the second phase of the development, which is a joint venture between Cheung Kong (Holdings) and Concord Land Development.
Estate agents said developers would be cautious about offering their new residential projects, which would extend the duration of the correction in the housing sector.
Cheung Kong (Holdings) and Concord Land last week said it would sell 204 flats in the second phase of Vista Paradiso at $5,181 per square foot on a cash basis.
The official sale will be on December 27. Registration is from December 22 to December 24.
The 11-tower second phase comprises 1,020 units, with sizes ranging from 601 sq ft to 997 sq ft.
Buyers who choose to complete their purchases upon the completion of the development in August 1999 will be required to pay a 10 per cent premium, which raises the average price to about $5,800 per sq ft.