Sun Hung Kai Properties (SHKP) and Cheung Kong (Holdings) are releasing small batches of units in two separate projects at discount prices. An initial batch of 24 units at SHKP's Aegean Coast in Tuen Mun are being offered at HK$2,316 per square foot on cash payment for public sale on September 22. Agents said the price was below secondary market value. 'We have plans to release more batches at higher prices later,' Sun Hung Kai Real Estate Agency general manager Eric Chow Kwok-yin said. Cheung Kong will release the first eight units at Hampton Place in West Kowloon at HK$3,098 per square foot for internal sale, the date of which has not been fixed. Cheung Kong executive director Justin Chiu Kwok-hung said the price for the first batch was below cost, or 34 per cent below secondary market values for flats in nearby Olympic Station. He said Hampton Place would head off competition from rival projects along Castle Peak Road as well as West Kowloon areas. He expected the whole development could end up making a thin profit. About 300 units would be released for sale first and a sell-out could generate HK$800 million, he said. Hampton Place comprises 880 units in three blocks to be completed by early 2004. SHKP said its launch would first focus on about 700 units in Aegean Coast, a 1,624-unit project along Castle Peak Road. The joint-venture project with Henderson Land Development and Luk Hoi Tong has seven blocks. Mr Chow said if all 700 units were sold, the developers would reap about HK$1.3 billion. 'The initial 24 units are all mid-floor units in blocks five, six and seven. We have included mid-floor units in this batch because this way, potential buyers could have a better grasp of prices of different units,' he said. Registration of potential buyers will be accepted until September 18. Agents said Aegean Coast's price was more than 10 per cent below comparable properties in the secondary market and hundreds of buyers had registered initial interest.