New World Development is struggling to sell two office properties amid market doldrums and a deteriorating investment environment. The properties are converted office floors in the former Victoria Apartments - the east tower of the Shun Tak Centre - and remaining spaces in the newly built Grand Millennium Plaza. New World said the sharp market correction meant it anticipated defaults on the sale of 15 converted floors in Victoria Apartments. The group told investors the company had a 28.8 per cent stake, representing 96,188 square feet, in the building which was sold for about $11,400 per sq ft last year. The 15 converted office floors include about 333,980 sq ft of space. Casino magnate Stanley Ho Hung-sun is a shareholder in the property. Buyers of the 15 floors reportedly failed to complete purchases by the deadline last month. Speculation has been rife in the industry that New World and Mr Ho would divide the floors for resale but they would not comment on the issue. A spokesman for Grand Orient Holdings, which teamed with three partners to purchase four floors last year, said the group was still negotiating for a reduction in prices, or more time to complete the deal. Estate agents said Mr Ho had released 7.5 floors for lease or sale again. New World predicted in its presentation document that if the floors were resold, prices would be substantially lower. Based on present market value of about $5,000 per sq ft, a resale of all attributable spaces in the property would result in a reduction of about $287 million, compared with the original selling prices, the company said. A New World executive said the sale of remaining floors in the 55-storey Cosco Tower in Grand Millennium Plaza was being prepared. Grand Millennium Plaza, an equal joint venture with the Land Development Corp, comprises the tower unit where the floors are for sale, and a 29-storey block. The executive declined to disclose estimated prices, but said the converted office floors in Victoria Apartments were not a good comparison as the floors were built many years ago. Office space in the high-rise tower runs from the ninth to the 55th floors, with 19 floors sold. They include 15 floors sold for $3 billion to Cosco Group last year. The executive said the sales plan for the lower-rise tower, with office floors located from the fifth to the 29th levels, was not yet finalised.