New Asia Realty and Trust Co has rejected claims it is holding back the sale of its joint-venture residential development at Diamond Hill due to correction in the property market. Director Ray Tse Chee-on said yesterday the group had not finalised the pre-sale date of its joint-venture development due to construction delays. The Diamond Hill project, in which the group has an equal one-third share with Wheelock and Co and Wharf (Holdings), received pre-sale consent from the Government in May. 'The project's construction was delayed by problems in the foundation work,' Mr Tse said after the company's annual meeting yesterday. The group's strategy was to sell the project as it neared completion, rather than in the early stages. Mr Tse refused to disclose the price, but said other developers had priced their uncompleted residential projects either close to or below secondary market levels recently. The Diamond Hill residential project will offer 1,684 units with a gross floor area of 1.15 million square feet. Mr Tse said the land premium of New Asia Realty's other joint venture residential project, located at the former San Miguel Brewery site in Sham Tseng, was still subject to negotiation with the Government. Government approval had been obtained to reclaim a ditch near the site to develop an extra floor area of 350,000 sq ft, Mr Tse said. This would raise the project's gross floor area to about 3 million square feet.