Buyers of Discovery Park phrase-three flats in Tsuen Wan must complete purchase agreements by August 27 or their deposit will be forfeited and their flats resold, co-developer HKR International says. The project, which is jointly developed by HKR and New World Development, has attracted controversy as buyers have called for price reductions and financing help after buying the apartments at the peak of the market last year. Many struggling buyers have taken the issue to the streets in a series of protests since the property market slumped. HKR said yesterday the Government had granted the developers an approval that meant the 1,112 flats were allowed to be freely traded in the second-hand market and buyers had to complete their purchases by the deadline. The flats were sold at about $7,000 per square foot last summer, which compares with about $5,000 they fetch in the grey market now. The discrepancy prompted many Hong Kong banks to lend mortgages based on the latest prices, which meant buyers had to pay more to the developers on top of the 30 per cent required down-payment. Many buyers have been asking the developers not to charge them the difference between the original flat price and the resale price if they default and the developers resell their flats. However, HKR and New World have yet to respond to the demand. Realty agents expect a significant number of defaults, despite the fact that HKR and New World have offered staged payment, which would allow buyers to pay the down-payment in phases prior to the completion of flats. About half of the buyers have signed up to the offer and will have to settle the remaining payment in a few weeks' time. With unemployment soaring and property prices falling, many buyers have had no choice but to default, or consider defaulting to prevent further losses, agents said.