Developers looking for $1.1b from Villa Carlton first phase

New World Development and Chinese Estates Holdings hope to raise HK$1.1 billion from the sale of the first phase of Villa Carlton in Tai Po Road, Kowloon.

The first phase comprises seven apartment towers, providing 126 units and 189 car-parking spaces.

The first batch of eight units will be released on Saturday at an average price of HK$5,100 per square foot, on a first-come, first-served basis.

Barbara Ho Yin-yue, senior manager of sales and marketing at New World, said the developer might release more units at higher prices.

Ms Ho said prices were similar to those fetched in an earlier internal sale, in which four units were sold.

As reflected in last week's land auction, the Government was not willing to sell sites at low prices, so the property market should move steadily and prices could go up by 5 to 10 per cent next year.