A consortium led by Lai Sun Development, Hing Kong Holdings and The Hong Kong Parkview Group is to cut the selling prices of its jointly owned luxury development Tycoon Place in Tai Po by at least 10 per cent.
Agents said the move was prompted by weak sales.
Charles Wong Wai-kei, Centaline Property Agency's senior sales supervisor in Tai Po, said agents yesterday were asked to help dispose of houses at Tycoon Place at a 10 per cent discount to the original listed price.
Mr Wong said he was told that a higher reduction would be negotiable.
Tycoon Place has 84 houses of 3,300 square feet to 5,800 sq ft.
The average selling price of the first 15 houses is $6,255 per square foot and 14 houses have been sold.
Mr Wong said a 10 per cent reduction was not attractive enough to lure buyers' interest.