Hong Kong tycoon and developer Henry Cheng's project is about to become reality; he purchased the Henderson hillside property in May 1990.

His W.L. Nevada has announced the project originally known as Crystal Ridge will be called Ascaya instead.

More than $250 million has been spent on preparing the 632-acre site for 300 custom lots that will boast some of the region's best views of the Strip and the Las Vegas Valley. Some of the highest points will be 150 feet above the Stratosphere.

"This is the most exciting project to come to Las Vegas," said Realtor Florence Shapiro, who along with partner Ivan Sher is overseeing sales of the lots. "You have nothing that compares to what they are doing there."

The sale of the custom lots comes during a slowdown in the housing market, including the luxury segment.

"It is a long-term investment and long-term project, and we are not expecting it all to get snapped up immediately," said Mike Kiggen, W.L. Nevada's vice president of design and construction. "There is a market for the very high-end residential lots in Las Vegas."

In 1995 only two homes in Las Vegas sold for more than $1 million. But the luxury market has grown substantially since then, Las Vegas housing analyst Steve Bottfeld said.

In the first half of 2007, 204 new homes sold for $1 million or more, down 34 percent from the first six months of 2006. Twenty-one luxury lots sold in the first half of 2007, two fewer than the same period in 2006.

"The luxury market has exploded and continues to grow, but the competition is going to be very stiff on the Strip," Bottfeld said. "The success or failure of this project depends on how well it can differentiate itself from the Strip and a revamped Lake Las Vegas (which is under new ownership)."

Joe Miller, engineer and project manager of Ascaya, looks over the high-end residential development in the Henderson hills. Miller is employed by earth movers Fischer Sand & Gravel company, which is the general contractor of the project. RICHARD BRIAN / STAFF PHOTOGRAPHER

Ascaya is counting on people choosing the security and privacy the development is offering and a chance for people to express themselves in their architecture of their homes.

The development will have gates inside the outer gate to provide an extra level of protection for the community that is expected to include athletes and entertainers.

The development won't have a golf course, but will feature a clubhouse with food service, pool, tennis and a spa.

Prices are expected to be set as early as February, Shapiro said. About 300 people have shown interest in the lots, she said.

The lots will be as small as a half acre and be as large as five acres, Kiggen said.

The lots will be sold in phases over five to seven years with areas near the entrance and lower levels of the hillside selling first. There will be 50 lots in the first phase, Kiggen said.

The name Ascaya, which was coined by one of the partners, has no particular meaning.

"It was just a name that felt right," Kiggen said. "It had a lofty feel to it."