Citic Hong Kong expects HK$500 million from the sale of its luxury residential project Bay Villas at Deep Water Bay. Bay Villas includes six townhouses ranging from 4,500 sq ft to 5,100 sq ft and two detached houses of 5,400 sq ft. All houses have three storeys and two car parking spaces. Citic Properties general manager Cindy Kwan said Bay Villas was expected to be sold through private negotiation next month. 'We haven't fixed a price yet. We hope to negotiate with interested buyers. The show house will be open for viewing when it is ready by the end of May,' she said. Citic Hong Kong has not indicated if it intends to reserve any units for lease. FPDSavills director of residential sales, Keith Chang, said luxury flats with a floor area of more than 5,000 square feet were rare in Hong Kong since the Asian financial crisis. 'This project is at the top end of the high-end market because we are not talking about tens of millions but hundreds of millions,' he said. 'These houses are expected to be priced at at least $15,000 per square foot. We believe most buyers will be end-users [who will] care more about quality than price.'