The Mid-Levels is a luxury residential district popular among expatriates and affluent local families for its closeness to the Central business district and its prestigious schools. The newest residential project in the district is 31 Robinson Road, which comprises 84 units. It was launched for sale in September last year and more than 80 per cent of the units have been sold. Kowloon Development is promoting the remaining 13 units. All are on the 25th floor or higher, have four bedrooms, and range in size from 2,319 to 2,665 square feet. Their efficiency rate, or percentage of usable private space, is high at 80 per cent. The developer is selling two furnished units at asking prices of HK$65 million for a 2,665 sq ft unit and HK$41 million for a 2,319 sq ft unit, which translates into prices of HK$24,000 and HK$17,000 per square foot, respectively. The other 11 units are available for sale on offer. Asking prices are in line with the latest sale in August. A primary market sale of an unfurnished 2,665 sq ft unit on the 33rd floor was done at HK$68.56 million, or HK$25,726 per square foot, according to Land Registry data. Three units have also changed hands in the secondary market over the past six months for between HK$13.7 million to HK$16.85 million, equivalent to HK$11,689 to HK$12,565 per square foot. There are at least 11 listings on 31 Robinson Road in the secondary market - quite a large proportion of the 71 units sold - with asking prices ranging between HK$8,532 and HK$23,000 per square foot. Land Registry data shows the unit with the lowest price sold in the primary market went for HK$10,492 per square foot, which means an investor seeking to sell at HK$8,532 per square foot would make a loss. Prospective buyers may hunt for cheaper options in the secondary market. 'There have been very few large transactions recently because many owners or investors are unwilling to sell at a discount after they bought in at high prices,' said Sami Woo, a senior manager at luxury sale and leasing agency Landscope Realty. Since conservative valuations by banks had dented transactions of high-end units with buyers unable to fund purchases, most deals were for units at HK$5,000 to HK$7,000 per square foot, Ms Woo said. Douglas Yeung Kin-man, a district director for western and central Mid-Levels at Ricacorp Properties, said about 60 deals were recorded in the district last month, about the same as October. But in a slowing market, there were now many listings prospective buyers could choose from, agents said. These include units at Regence Royale on 2 Bowen Road with asking prices from HK$15,000 to HK$23,000 per square foot, and No1 Po Shan Road, with prices between HK$17,000 and HK$20,000 per square foot. Both projects were completed in 2002. For a cheaper choice, a unit at 37-year-old Kennedy Terrace on 20 Kennedy Road is available at HK$29 million, or HK$11,600 per square foot. It can be rented at HK$90,000 a month, according to Landscope.