Tseung Kwan O will soon become a battleground for new home sales between rival developers, with three residential projects set to test buyer appetite after sales slowed last month. New World Development plans to kick off the pre-sale of its project The Grandiose, above the Tseung Kwan O MTR station, as early as the middle of this month, while Sun Hung Kai Properties (SHKP) intends to start internal sales of Central Heights, located at the MTR station, in the next several weeks. These launches will be followed by the mid-year roll-out of a residential project by Cheung Kong (Holdings) at the Tiu Keng Leng MTR station. Property agents expected New World and SHKP to be in fierce competition over their projects, both of which appear to be aimed at the same target market. The residential projects will be the first since Sino Land's Residence Oasis was released last summer. The Grandiose, a joint venture between New World and MTR Corp, comprises three buildings offering 1,472 apartments and ranging in size from 500 sq ft to 1,000 sq ft. All the units come with balconies. It will be completed by mid-2006. SHKP's Central Heights is the 13th block of its Park Central residential project. The developer said the building was an upgraded version of Park Central and would offer 392 flats ranging from 623 sq ft to 1,187 sq ft. Most of the units will have balconies and the project is due to be completed in July. Cheung Kong's project in Tiu Keng Leng will have nine blocks and 3,700 units ranging in size from 600 sq ft to 1,200 sq ft. No further information on the project is available. New World plans to set its price tag for The Grandiose at $4,000 per sq ft, while SHKP would like to sell Central Heights at an average of $5,000 per sq ft. The average selling price of properties in the secondary market in Tseung Kwan O is between $3,500 per sq ft and $3,800 per sq ft. Tseung Kwan O, formerly known as Junk Bay, was flooded with oversupply during the property market meltdown in 1998. But the situation has improved with MTR access and a more mature community infrastructure. Agents said prices in Tseung Kwan O had jumped 20 per cent in the past 12 months. Although The Grandiose and Central Heights share almost the same location, Centaline property agency senior sales manager Ken Lee Yuk-lun said Central Heights seemed to be more attractive when it came to investment potential. 'The project may attract buyers looking for upgrades with its four-bedroom suites, which are in relatively short supply in the area,' he said.