Kerry Properties has introduced a one-dollar-a-day mortgage repayment scheme, equivalent to a 3 per cent price discount, in an effort to offload its remaining units at The Cliveden in Tsuen Wan. Buyers would have to make a downpayment of just 5 per cent and the first and second mortgage instalment payments could be deferred for 18 months after purchase, said Kerry Real Estate Agency executive director Chu Ip-pui yesterday. For the first 18 months, buyers would have to pay HK$1 every day, or a total of HK$540. 'The total interest subsidies are worth about 3 per cent of the flat prices,' he said. The company is releasing five units at an average of HK$3,083 per square foot for cash buyers, who get a 6 per cent price discount. The first batch of six units at The Cliveden was released for sale in November last year at an average price of HK$2,322 per square foot. Mr Chu said the latest units were priced higher due to better orientation. The average fetching price for 80 units sold earlier was between HK$3,000 and HK$3,300 per sq ft. The group raised HK$300 million from 80 units sold, he said, adding that the whole project could be worth HK$800 million. The project is an equal-share joint venture with Sino Land. It comprises 210 units measuring 978 sq ft to 1,488 sq ft due to be completed by the end of this year. Mr Chu said the group could release up to 3,000 residential units for sale this year, including those at a 40:60 joint venture with Sino Land at Hang Hau Station in Tseung Kwan O, which had 2,300 units. They could be priced above HK$3,000 per sq ft, making the project worth HK$4.5 billion. The balance of units would come from The Cliveden and The Constellation in Tai Po.