Developers boosted sales of new flats during the Easter holiday with preferential payment schemes designed to lower buyers' initial down-payments and mortgage burdens. Sino Land's Ocean View project in Ma On Shan was the best seller. A company spokesman said more than 380 units had been bought in the past four days. This brought the total units sold to about 850, more than 93 per cent of the project. The average price was HK$3,100 per square foot. 'Prices for the remaining units could be increased by 3 to 5 per cent from today,' the spokesman said. Ocean View comprises 911 units and is due to be completed late next year. Centaline Property Agency sales director Sandia Lau Ying-lam said Ocean View received a good market response mainly due to the provision of the 'HK$1 a square foot' minimum monthly instalment scheme. The scheme enabled buyers to defer all repayments, including first and second mortgage instalments, for the first two years after a down-payment of 5 per cent of the flat prices. For example, buyers needed to meet a monthly instalment of only HK$700 in the first two years for buying a 700 square feet unit. 'Buyers' initial repayment burden has been relieved,' Ms Lau said. About half the buyers chose this payment scheme, the Sino Land spokesman said. He said Sino Land had to subsidise the first mortgage repayment during the first two years through a cash rebate, while the second mortgage repayment had been deferred until the development was completed. It was the first time it had employed such a preferential package for sales, he said. Midland Realty executive director Victor Cheung estimated that about 800 primary flats had been sold and more than 1,000 secondary units had changed hands in the past four days. 'Primary transactions doubled compared with the past few weeks,' Mr Cheung said. He said developers drew buyers with attractive payment terms, and transactions were mainly attributed to Ocean View. Wharf (Holdings) assistant director Ricky Wong Kwong-yiu said all 78 units for internal sale at Palm Cove in Tuen Mun had been sold and generated about HK$200 million. He said the group would release six units for public sale at an average price of HK$2,370 per square foot on Friday. He said buyers would enjoy a down-payment of only 5 per cent of the flat prices, compared with 10 per cent for internal sale. Mr Wong said the market response to the project was satisfactory given it was not in an urban area and buyers were mainly residents within the area. Another project, Sorrento, at Kowloon Station, also received a warm response and about 20 units had been sold in the past four days, Mr Wong said. Cheung Kong (Holdings) sold 73 units at Banyan Garden in Tai Kok Tsui and realised proceeds of HK$160 million during the period. Centaline estimated about 1,500 primary transactions were recorded in March.