Sino Group has reduced prices at one of its developments, The Waterside in Ma On Shan, by 22 per cent. This was a day after Cheung Kong (Holdings) cut prices at a joint-venture development in the same area. Sino will offer 68 standard units and duplexes at The Waterside at between $4,800 and $4,900 per sq ft on a first-come-first-served basis. The price is about 22 per cent lower than the development's initial price of $6,180 per sq ft last April. Some units in the development sold for $6,523 per sq ft. Duplexes will be priced at $7,000 per sq ft. The 37-storey, twin-tower project as 502 apartments, and is ready for occupation. Cheung Kong offered 65 units at its joint-venture project, Vista Paradiso in Ma On Shan, at an average price of $4,650 per sq ft, down 10.24 per cent from the previous sale. Sino said the price was fixed according to current market conditions. Despite a big discount, Cheung Kong said Vista Paradiso had sold 10 units, yesterday.