Cheung Kong (Holdings) is set to release the remaining 600 flats in its housing estate, Kingswood Villas in Tin Shui Wai, early next month. The news coincided with the property developer's announcement the first batch of 24 flats in its 123-unit The Paramount in Tai Po was more than six times subscribed by potential buyers. Cheung Kong said it had decided to put the remaining 75 flats of The Paramount on the market, bringing the total on sale this Sunday to 99. The selling price for the extra flats remained at the same average as the first batch's $3,740 per square foot, exclusive of roof-top area and garden. The developer said it had sold the 24 flats internally. For the Kingswood Villas sale, the firm's senior sales manager Joseph Lau Kai-man said the internal sale of the unsold units in Maywood Court would begin during the long public holidays on October 1 to 4. Mr Lau said selling prices were not yet fixed but the secondary prices of $2,800 to $3,050 per square foot in the same development phase would be a reference. He said the company would not invite estate agents to boost sales. Maywood Court has 2,264 flats, which were mostly sold at the market peak last year. Mr Lau said about 82 per cent of those transactions were completed and more than 40 deals were defaulted. He said Cheung Kong had the authority to take legal action against those buyers who defaulted on their purchases, and the company would look into the issue case by case before it decided to take any action. Property sales would reach about $1.3 billion assuming that all remaining units were sold. Maywood Court is part of the 15,880-unit Kingswood Villas, which has six residential phases and a hotel-retail development - Kingswood Ginza. Kingswood Ginza, when completed this year, will have 1,100 hotel rooms on top of more than 600,000 square foot of shopping space. Cheung Kong Real Estate director Justin Chiu said 80 per cent of the shopping arcade had been leased at a range of $18 to more than $80 per square foot, or an average of $25 per square foot. Speaking after the signing of arcade leases with tenants such as Triple Harvest (Asia) and Park'n Shop, Mr Chiu said he believed the remaining 20 per cent would be leased before the project was due for completion. Mr Chiu said the company was renovating its small shopping complex in Tsuen Wan and transforming its 170,000 sq ft retail space in Jubilee Garden in Fotan into a furniture shopping arcade. He said about 60 per cent of The Center, a joint venture with the Land Development Corp (LDC) near Sheung Wan, had been leased with tenants including LDC and Samsung Group. Rent-free periods offered for tenants range from five to nine months.