La Marina in Wong Chuk Hang opened its first price list, offering 120 units at an average price of HK$30,880 per square foot after discounts.

The cheapest flat, a 341-sq-ft one-bedroom unit, costs HK$10.8 million, or HK$31,669 per sq ft after discounts.

The first batch of 120 flats range from 341 to 921 sq ft and cover one to three-bedroom units.

The average price of this batch is four percent higher than South Land in the same district.

The project opened show flats yesterday and will announce the check-receiving arrangement later, with the first round of sales starting next week.

Sammy Po Siu-ming, chief executive of Midland Realty's residential division, said supply of new property on Hong Kong Island in itself is rare, let alone that with large-scale supporting facilities.

The first phase of the project - now priced at HK$36,000 per sq ft - has attracted many buyers, yet the average price of La Marina is just around HK$30,000, leaving much room for the price increase, Po said.

He expected the average rental price could reach HK$80 to HK$90 per sq ft with an annual rental return rate of three percent.

Meanwhile, Henderson Land Development Company (0012) released the sales brochure for The Henley III in Kai Tak, offering 404 flats ranging from 229 to 778 sq ft and studio to three-bedroom units.

The developer expects to open the first price lists for at least 81 units and start receiving checks before the weekend.

The project will soon open show flats, and the first round of sales may begin at the end of August or in early September.

Meanwhile, Wetland Seasons Bay phase one in Tin Shui Wai launched its fifth price list offering 123 units at an average price of HK$15,176 per sq ft. The fifth batch provides one to three-bedroom units with the average price ranging from HK$16,659 to HK$22,948 per sq ft.

The cheapest flat, a 279-sq-ft one-bedroom unit, costs HK$4.96 million after discounts.

Its developer Sun Hung Kai Properties (0016) said the prices are still within the original price range, though it is slightly cheaper than the last price list.

Executives reveal La Marina's price list. SING TAO

La Marina offers 120 units in first price list