The admission fee for the new Bal Residence is $5.8 million.

Buyers must visit the sales office between 11am and 11.30am on the first day of sale to be eligible for the ballot on the first day of sale.

Mr Poon Yui Man, Senior Vice President of Lai Sun Development, said Bal Residence was fully subscribed, with the majority of households from the same district and about 10 per cent from investors.

Bal Residence is the first new property to open for sale since the budget announcement of the stamp duty reduction. The first price list involves 56 units with saleable areas ranging from 338 to 349 square feet, all of which are 1-bedroom units, at a maximum discount of 11.75 per cent. The average price per square foot is $19,554.