HUTCHISON Whampoa Properties is cutting 15 per cent from flat prices in the fourth stage of South Horizons at Ap Lei Chau.
The market was expecting about $4,500 per square foot for the Oasis, but Hutchison yesterday set the average at $4,332 for the first 120 units on sale.
Lump-sum payment was down to $4,200 and a furnished package $4,532.
Hutchison managing director K S Tso said the prices would stimulate the market, denying the move shows a lack of confidence in the property sector.
He said the company might put more units on the market, depending on response to registration from Monday to Wednesday.
Hutchison Whampoa Properties holds 50 per cent of the project, Cheung Kong (Holdings) 30 per cent, and Hongkong Electric Holdings 20 per cent.
The Oasis has seven blocks with about 1,770 units. The two, three and four-bedroom flats range from 645 sq ft to 950 sq ft and are priced from $3,397 per square foot.