Estate agents are confident the road access to Discovery Bay's Neo Horizon, a joint venture between HKR International and Citic Pacific, will draw buyers from urban districts.
It is the first development for sale after the opening of the Discovery Bay Tunnel connecting the area and Tung Chung Station. Previously, a ferry was the only means of transport.
The first batch of 18 units were offered at an average of HK$2,968 per square foot. On Monday, the developers raised the prices 9 per cent to HK$3,235 per sq ft for an additional batch of 28 units.
Centaline Property Agency Discovery Bay branch manager Simon Lee believed the project's competitive prices would attract both first-time homebuyers and investors.
He considered it could achieve a monthly rental of between HK$16 and HK$18 per sq ft. Nearby development charged about HK$13 per sq ft.
Mr Lee expected most internal-sale buyers to opt to keep the units for investment as their apartments enjoyed better views.