New World Development and Henderson Land Development expect to realise about HK$1.35 billion from a sell-out of the 721-unit phase one of their Sereno Verde residential joint venture in Yuen Long. The developers will release the first 16 units for public sale at an average price of HK$2,130 per square foot, which agents said represented a discount of about 10 per cent to secondary market prices in the area. The price is about 10 per cent lower than Sun Hung Kai Properties' (SHKP) Villa by the Park development in the area which held a public sale last week. Last week through internal and public sales, SHKP sold more than 500 units of Villa by the Park, expected to be completed by early 2003, at an average price of about HK$2,400 per square foot. Henderson Land Development general manager of sales department Donald Cheung Ping-keung said the first batch of units was pitched at lower than market price to draw potential buyers. In its price list, a flat of 573 square feet on the third floor of Tower Three was priced as low as HK$975,000, or HK$1,701 per square foot. He expected to raise prices for the remaining units to between HK$2,500 to HK$2,600 per square foot. New World Development senior manager of sales and marketing department Barbara Ho Yin-yue said phase one of Sereno Verde was more competitive than other new developments in the area. Ms Ho said it was already completed while most other developments were unfinished. New World owns 56 per cent of the joint venture and Henderson the remainder. Henderson is also launching the sale of 12 units at its Supernova Stand residential project in North Point at an average price of HK$3,728 per square foot. Meanwhile, Henderson Land Development vice-chairman Colin Lam Ko-yin said a 24-hour border opening with Shenzhen would have a short-term impact on Hong Kong's retail and property sectors. Speaking after the annual general meeting of the group's information and technology arm, Henderson Cyber, Mr Lam said the border opening was an inevitable trend. However, he rejected reports the Real Estate Developers Association and four other business associations had been under political pressure to support the border opening.