Cheung Kong (Holdings) and Richly Properties are releasing 10 units at their joint venture Sheffield Villas in Hung Shui Kiu, Yuen Long, at $2,228 per square foot. Cheung Kong senior sales manager Patrick Ho said the prices were 18 per cent lower than those of units sold in a private sale a month ago. Eight apartments were sold through the private sale at an average $2,700 per square foot. Mr Ho said the developers had to lower the prices in response to market competition, saying that a project in a neighbouring area was bargain-priced. He said they would raise prices slightly if the market situation allowed. The project would generate $110 million if all 48 units were sold. Sheffield Villas is a six-storey twin-tower development. The public sale will take place on March 11 and registration will run from March 6 to 8. On Monday, China Overseas Land & Investment announced the launch of Nerine Cove in Tuen Mun at an average $2,488 per sq ft. Property agents said the two projects were targeted at similar buyers, as both offered units in the $2 million to $3 million range.