THERE has not been a single case of default among home owners who have purchased luxury flats in Robinson Place in Mid-Levels, according to Swire Group chairman Peter Sutch, whose conglomerate built the project. 'I think I am right in saying that at the moment there have been none,' Mr Sutch said after Swire Pacific's annual general meeting. There had been some concern among property analysts that some home buyers might default after putting a down payment on the luxury flats, because of a fall in residential property prices. Phase 1 of the project sold for about $4,000 per square foot while phase 4 is selling for about $8,000 per square foot. Last April, when the market peaked, people were putting down as much as a $3 million deposit. However, with prices having fallen significantly in the secondary market, some analysts said they expected some investors to have second thoughts and forfeit their down payments. Mr Sutch said a couple of owners had requested a short grace period to come up with the required money and that had been granted. 'But we have had no defaults, which I find encouraging,' he said.