THE market greeted Hang Lung Development's Hanley Villa yesterday with a lukewarm response, say property agents. Eighteen out of 60 units of the Tsuen Wan residential project were put up for sale by the developer in a one-day offer to test of market sentiment. William Wong, a manager at Carlson Property agency, predicted yesterday morning about 25 per cent (three to six) of the 18 units would sell. 'The lack of response is due to the recent rate rise and the relative low ratio of actual area to gross area of 71 per cent.' Hang Lung tried to induce flat owners by allowing buyers to spread the payment of 30 per cent of the flat price over seven months in three instalments of 10 per cent each. With this option of payment, buyers can move in after paying the first instalment. Mr Wong said the ratio was lower than other residential developments in the vicinity and was not enough incentive for people to change flats. A site staff member said yesterday hundreds of people came to have a look but there were not many takers. Centaline Agencies supervisor, Carrie Kwan Ka-sheung, said that Hanley Villa units appealed to a different market from nearby residential developments which also featured balconies. There is also a workshop behind the kitchen. 'The fact that the units have a gross area of over 1,000 square feet matters to certain buyers; only that it's a time when prospective buyers are most cautious.' L & D manager Kammy Cheng said the year-end wasnot a popular time for people to buy flats, which accounted for the poor response to an otherwise quality development with an already with downward adjusted price - about $5,249 per sq ft.
