Sun Hung Kai Properties (SHKP) yesterday said it had yet to work out unit prices for the second-phase of its Symphony Bay development in Ma On Shan despite market speculation of a price cut of up to 20 per cent. Marketing director Stephen Tung Yiu-kwan would not divulge whether SHKP would lower prices at Symphony Bay, saying details had not yet been finalised. Analysts said the company would need to cut prices to attract buyers amid weak sentiment in the sector that is being exacerbated by a slumping stock market and rising interest rates. SHKP released 112 units of the first-phase development, Villa Concerto, in Symphony Bay, last month at $7,400 per square foot and received a tepid response. Only 50 per cent of those units were sold even after the company offered extra sweeteners, including free car-parking spaces and payment of the 2.75 per cent stamp duty. Estate agents forecast that the average price of the units at Symphony Bay could be cut to about $6,000 per square foot or below to stir demand. Mr Tung said the second-phase development, Villa Rhapsody, had larger units and offered more choice. Villa Rhapsody has 432 units of 1,367 sq ft to 2,733 sq ft. The 520 units in Villa Concerto measure 1,180 sq ft to 1,317 sq ft. Mr Tung said the property market remained intact and cited an enthusiastic response to the sale of the company's luxury flats at 22 Tung Shan Terrace in Stubbs Road. He said SHKP sold three units on Wednesday and eight units yesterday, with only five units left vacant. SHKP released the Tung Shan Terrace units at about $8,000 to $10,000 per square foot, sharply lower than the prices charged for the units at a neighbouring project last March. Meanwhile, Wheelock Properties said its sale of Galaxia in Diamond Hill was 'oversubscribed' by potential buyers. The company released the first 120 units at $5,888 per square foot. The offer of extra units means there are now 720 units on sale. Registration for buyers continues until Tuesday and the official sale is on January 17.