A new round of price wars is looming in the private residential market, with developers keen to unload finished stock in the face of over-supply. Chinachem Group has offered a new preferential package equivalent to a price cut of more than 20 per cent to attract buyers for its residential project Marbella in Ma On Shan. 'The aim is to unload units before two other residential projects are launched,' sales manager Ng Song-mou explained. Estate agents said Sun Hung Kai Properties (SHKP) and Henderson Land had cut the flat prices at their joint-venture residential development, Royal Peninsula, in Hunghom by 10 per cent. Mr Ng said Chinachem was releasing about 80 higher-level units of block six at Marbella for sale at HK$3,600 per square foot. Buyers could get a special discount and cash rebate from banks amounting to 20 to 22 per cent of the flat price, he said. The 38 flats at Royal Peninsula on offer in the latest price list are priced between HK$2.42 million and HK$4.94 million. Some are priced at HK$2,631 per square foot, representing a price cut of about 10 per cent compared with the previous sale, agents said. Centaline Property Agency district sales manager Rocky Wong said the price cut followed a slowing down of sales due to excessive new supply in the market. He estimated the development had about 400 unsold flats. A spokesman for SHKP said developers at Royal Peninsula would offer some new sweeteners for buyers over the Easter holiday. Meanwhile, locally listed Gold-Face Holdings hopes to realise about HK$1.2 billion from selling three residential projects in Tuen Mun and the Mid-levels this year. Executive director Robert Tai Yiu-wah of Gold-Face, which operates residential developments in Yuen Long and Tuen Mun, said it would remain cautious in property investment in the future despite the warm sales response to some new projects in the market. The company now had a land bank of about two million square feet, he said. It planned to release three residential projects for public sale this year - a 90-unit development in Tuen Mun, two luxury houses in Bowen Road at Mid-Levels, and the 319-unit Villa Pinada low-rise development in Tuen Mun.