Sun Hung Kai Properties (SHKP) is releasing the first 32 flats of Waterfront South in Aberdeen at an average price of $3,043 per square foot for cash payment. On staggered payment, the average price will be $3,195 per sq ft, representing a 5 per cent premium. Agents said the price was attractive compared with secondary-market rates and the project was expected to appeal to prospective buyers. Waterfront South comprises two residential blocks - one of 29 storeys and one with 30 - in Yue Wok Street, containing 235 units sized between 688 sq ft and 895 sq ft. The project has a four-storey car park with 59 spaces and is due for completion next June. Agents said the developer had sold 47 units through internal sales at prices similar to the public offer. Midland Realty's Aberdeen branch sales supervisor Phoebe Keung said the supply of new flats in the area was limited and demand was strong, especially from district families wishing to upgrade to larger units. The pricing of Waterfront South was acceptable and lower than rates of $3,500-$3,600 per sq ft for other new flats nearby. SHKP is expected to release more units for sale, but agents said it was unlikely to see substantial price rises. The 32 units offered mainly are between the fifth and 11th floors. Unit prices range from $1.92 million to $2.78 million. The additional units are expected to be on higher floors. Registration of prospective buyers began yesterday and will continue today. The units go on sale on Friday. Centaline Property Agency's senior sales supervisor at Aberdeen, Arthur Yip, said demand was strong for two-bedroom and three-bedroom units in the area. Waterfront South would draw buyers because prices were attractive and below secondary-market rates, he said. Agents said all units faced the typhoon shelter and Aberdeen Harbour and had sea views. Smaller units in Block 2 had the best views. Ms Keung said she expected the three-bedroom units would be sought-after because of the large number of potential buyers wishing to upgrade. Some analysts pointed out that Waterfront South was near the Chinese permanent cemetery, although the units on offer were not on the side facing the gravestones. The project is a small-scale development with four units on each floor. As a result, the efficiency ratio in terms of saleable area is relatively low at just over 71 per cent, exclusive of the bay window areas of 24-30 sq ft. SHKP is committed to providing top-up mortgages of 15-20 per cent. FACT FILE Development: Waterfront South, Yue Wok Street, Aberdeen Developer: Sun Hung Kai Properties Units on sale: 32 of 688-895 sq ft Average price: $3,043 per sq ft for cash Official sale: November 5 Total units: 235 in two blocks Facilities: club house and swimming pool Completion: June 1999 Payment: initial deposit $100,000. Cash payment: 10 per cent in 14 days, balance in 30 days. Second mortgages: 10 per cent in 14 days, balance in 30 days, with 15-20 per cent top-up mortgages. Staggered payment: 10 per cent in 14 days, 10 per cent by December 31, 5 per cent by the end of February, 5 per cent by the end of March and balance at occupation