Wah Tak Fung Holdings has received lower-than-expected bids for the tender of its luxury residential property, Monterey Court, in Jardine's Lookout, which closed yesterday. Michael Chan Sing-fai, director of sole agent Jones Lang Wootton (JLW), said the bids it received were not far from the owner's $1 billion target, or about $13,642 per square foot. Mr Chan said the owner would lower the selling price in view of the 15 per cent fall in luxury property prices. He said negotiations with three interested parties were under way and he expected them to be concluded soon. 'The owner is not in a desperate situation to sell the building at a big discount. It is very difficult to sell properties at the moment as most investors tend to bargain over the price,' he said. The 21-storey Monterey Court provides 40 units with two units on each floor. The floor area is about 73,300 sq ft and the units are about 1,788 sq ft each. Meanwhile, the tender sale for the Pearl Seaview Hotel in Yau Ma Tei, 25 per cent owned by Pearl Oriental Holdings, will close for submission today. Mr Chan, who also handles the hotel tender, said three to four interested parties had visited the property so far. 'We do not know the result because most interested parties will submit their bids at the last minute of the deadline,' he said.