Cheung Kong (Holdings) is set to launch its luxury residential project, Peninsula Heights, in Kowloon Tong early next month. Located at Broadcast Drive, the project comprises 178 flats measuring from 1,405 to 1,670 square feet. Cheung Kong sales manager Francis Wong said in view of a new supply shortage and the encouraging land auction last month, demand for the flat was expected to be encouraging. On April 20, the Government sold a Broadcast Drive site at a higher than expected $515 million to K Wah International. Mr Wong said the price list and official launch day had yet to be finalised, but the company would start inviting some targeted buyers to view show flats today. He said average selling prices could reach $7,500 per square foot, although some agents said that estimation was too aggressive. Cheung Kong also plans to sell the Portofino luxury residential project, in Clearwater Bay, in the third quarter. The project has 52 houses of about 3,700 sq ft and 20 low-rise apartments of more than 2,600 sq ft.