Buyer response to the sale of New World Development Co's Coastline Villa in Discovery Bay was weaker than expected, with only 35 of 50 units sold yesterday.
There were 150 prospective buyers registered and the slow sales indicate most were speculators.
Midland Realty's Discovery Bay assistant branch manager Francis Pang Wing-cheung said about 60 registered in company names and most of them were looking for the chance to sell buying rights to genuine home buyers for short-term gains.
The asking price for a buying right had been 1 per cent of the flat price, or about $60,000 but fell due to slow buying interest, he said.
Home buyers were cautious taking up expensive units, he said.
The Coastline Villa units cost between $5.7 million and $9.5 million each. The average selling price for the 50 units was about $4,000 a square foot.