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Sino Land, Hong Kong's fifth-largest developer by market value, and MTR Corp sold about 300 units in their new residential joint-venture project, the Palazzo in Fo Tan,  with sale prices largely in line with market expectations, agents said.
It was the first public sale of the project, with the  units fetching an average price of HK$9,000 per square foot as of 8.30 last night,  said the developers,  adding that the sale results showed  the market had firmed. The sale included five special units  that fetched between HK$20,000 and  HK$23,000 per square foot.
The average price of the units ranged from  HK$6,500 to HK$14,000 per square foot,  property agents said. The most expensive, a 2,178 sq ft  top-floor penthouse  in  Block A, was selling for HK$50 million or HK$22,957 per square foot, one agent said.
The developers launched 320 units yesterday. In the first three hours, 150 units were sold,  said Derek Chung Siu-kuen, an associate director of sales and marketing  at Sino Land.
Property agents  said about  50 per cent of the buyers were investors  seeking capital value growth.
The  first batch of 30 units  had an average price of HK$8,478 per square foot. But the developers did not raise the price after the  batch  was sold out.
According to market transaction data, prices of the 13-year-old Royal Ascot nearby ranged between HK$4,476 and HK$6,014 per square foot. The average price of  Palazzo units is 72 per cent higher than at Royal Ascot.
The Palazzo, next to Jubilee Garden, has 1,375 units  ranging from 648 to 4,178 square feet. It  has 10 residential blocks that are scheduled for completion in December this year.
Robert Ng Chee-siong, chairman of Sino Land, yesterday said  the market response to the Palazzo sale was positive and indicated that the  sector consolidation was over.
Cheung Kong (Holdings)  last night met potential buyers of its new residential project, Celestial Heights in Ma Tau Wai, property agents said.
An agent said the developer reached a verbal agreement with a buyer to reserve a unit with an average flat price of about HK$15,000 per square foot.
Cheung Kong and its partner Nan Fung Development  said they planned to presell Celestial Heights next week.
The project provides 939 units ranging  from 1,636 to 2,600 sq ft. But the developer  plans to presell only the first phase  with 500 units.
Shares of Sino Land dropped 4.3 per cent to finish at HK$20.05 yesterday.
Positive sign
Developers say the sale results show a firmer property market
The most expensive Palazzo unit, a 2,178 sq ft penthouse on the top floor of Block A, is selling for, in HK$: $50m



Buyers snap up 300 flats at Sino Land and MTR's Fo Tan project