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.