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.

They come with offered furnishing, room service and rental services, organised by Hutchison International Hotels.

The project, marked for public sale on March 25, attracted attention not only because it was one of the largest this year, but as a market barometer after a robust sale of Royal Ascot.

Cheung Kong deputy chairman Victor Li Tzar-kuoi said he decided to offer the lowest price after considering prices up to $4,700 per square foot.

'I hope it [the project] can lead the property market when it starts to revive . . . I think there is a large potential of buying power after a few quiet months,' he said.

He said the prices and the number of flats to be sold in the next batch had yet to be decided.

Banks including Hongkong Bank, Hang Seng Bank, Bank of East Asia, Bank of China, Standard Chartered Bank and Dao Heng Bank have agreed to offer mortgages of up to 70 per cent.

Agents believed the project would receive a strong response under the attractive pricing.