MIXED results were achieved from release of two batches of units at Sino Group's Classical Gardens development in Tai Po.
The Ng family sold all 24 units available in the first batch in a single day. They dropped the asking price nine per cent to an average of $5,300 a square foot.
In light of this strong response, Sino tried to increase prices by up to three per cent for its second batch of 24 units. Only 14 were sold.
WHEELOCK Properties reduced prices for flats at Parc Oasis in Yau Yat Chuen by 8.2 per cent. It offered 24 units at $7,572 a square foot, down from $8,252 in April.
WITH Sino Group and Wheelock reducing prices, a trend was emerging, analysts said. Developers were trying to meet the prices end-users were prepared to pay.
Analysts expected the price drop for new units to flow on to the secondhand market.
PROPERTY agents and analysts expect office values to fall as much as 20 per cent because of rising interest rates, easing rental growth and fears on China's economy.