Lai Sun Development and Singapore's Eltech Land hope for a hasty sale of a sizeable stake in their troubled Singapore condominium project at a hefty discount. The two want to bring in new partners to help pay the long overdue S$68.62 million (about HK$334.19 million) they owe the government for the $91.5 million Jalan Kembangan site. They were given a second three-month extension last month to pay and now have a June 5 final deadline. Lai Sun director Keith Wu said negotiations with potential partners were under way and it had yet to be decided how big a discount might be offered. They are reportedly considering offering the stake at a 25 per cent discount to the original price paid to offset declining Singapore property values. The original purchase price equates to a land cost of $387 per square foot of potential built-up area. This means they would probably have to sell completed units at $720 to $750 per square foot just to break even. Property analysts claim average prices in the Kembangan area are now only $530 to $570 per square foot, suggesting a potential significant loss. Mr Wu said Lai Sun remained optimistic about the project and any loss was unlikely to make a sizeable impact on the group's overall financial results. 'Once we have resolved the shareholder and bank situation we will pay for the land,' he said. 'We are talking to the government and our partners . . . we are trying to make it feasible.' Lai Sun and Eltech Land, the property arm of Singapore main board-listed Eltech Electronics, are unlikely to be able to sell more than 49 per cent of the project. Under government rules, the original buyers must remain the controlling shareholders. Lai Sun is cutting its gearing by selling some property holdings. It is trying to sell its stake in the Four Seasons Hotel in New York.