A consortium led by Sun Hung Kai Properties is selling the first 16 units of its Park Central residential project in Tseung Kwan O slightly below market value - at HK$2,790 per square foot for cash. General manager of SHK Real Estate Agency Eric Chow Kwok-yin said the developers eventually hoped to raise the cost to HK$4,000 per square foot. Mr Chow expected to realise about HK$2 billion from a sell-out of the 736 units in the first two blocks of the project - a joint venture with Henderson Land, Chinachem Group and Nan Fung Development. Phase one provides 1,872 units. The developers are offering a second mortgage of up to 25 per cent with principal and interest repayments waived for the first two years. Buyers who shun the second mortgage package will get a price discount of about 3 per cent. The staggered payment scheme will cost a 6 per cent premium. The public sale is on November 11. Meanwhile, Chinachem Group sales manager Ng Song-mou said it would later this month launch its 508-unit Marbella residential project in Ma On Shan.