HKR International has said it plans to release 300 units at Discovery Park in Tsuen Wan for sale this month at a price close to the secondary market.
General manager Chan Chi-ming said units on sale include 250 flats on which buyers have defaulted at Discovery Park phase three and 50 remaining units at phases one and two.
He said HKR and its joint-venture partner, New World Development, reserved the right to pursue buyers in default for the difference between the original purchase price and the resale price.
Flats in phase three were sold for about $7,000 per square foot at the peak last year against the present transacted prices of $4,300 per square foot to $4,500 per square foot.
Mr Chan said HKR was preparing letters to inform these buyers that their deposits would be forfeited.
He said the company had sold 140 units at its La Fontaine project in Tai Po since last Saturday at an average of $3,600 per square foot. Excluding interest expenses, the average development cost was estimated at less than $4,000 per square foot.
