The latest shot in the property price war was fired yesterday with a consortium led by HKR International announcing the sale of units at its newly completed Tung Chung development up to 20 per cent cheaper than nearby projects. It follows last week's heavily subscribed launch by Cheung Kong (Holdings) of its project in Sheung Wan with price inducements and confirms developers' efforts to clear inventory of unsold flats. Aggressive price cutting flies in the face of the government's property market stimulus package introduced last month and aimed at curbing price declines. An initial release of 24 units at the Coastal Skyline project for 'internal sale' are being offered at between HK$880,000 to HK$1.68 million, representing HK$1,695 to HK$1,770 per square foot, Chan Chi-ming, HKR development and marketing general manager, said yesterday. He described the price as 'the most competitive in the market.' The units on offer have a gross floor area of 500 to 949 sq ft. The company is using an unusual promotion tactic to spice up initial buyer interest, offering units with the same size at a flat price regardless of the floor they occupy. This ignores the normal convention of higher floors commanding higher prices in what appears a calculated effort to stir frenzied interest. However, Mr Chan said the firm's aim was not to spark speculation: '[The equal pricing] reflects a promotion rather than a trigger for speculators,' he said, adding that future offerings would follow the conventional pricing hierarchy. Indicating the depth of the market slump - which has seen flat prices fall 65 per cent in five years - the sales price represents a 25 per cent discount to the development's all-in building cost. However, Mr Chan said HKR was aiming to sell its 2,022 units at Coastal Skyline at between HK$2,300 to HK$2,500 per square foot - still below its original break-even projections. Mr Chan would not comment on the likelihood of the firm making further loss-provisions for the project and said it was hoping to complete sales within two to three months and generating HK$3.5 billion to HK$4 billion. HKR holds a 31 per cent stake in Coastal Skyline with the balance held by Singapore Hong Leong Holdings and MTR Corp. Centaline Property Agency sales director Chris Wong said the prices were 15 to 20 per cent cheaper than other developments in Tung Chung - a new town adjacent to Hong Kong International Airport. As a result he expected prices of competing rival projects, including the unfinished Caribbean Coast (phase two) developed by Cheung Kong, and Seaview Crescent, to be slashed. Separately Cheung Kong sales manager William Kwok said about 50 unsold units at Caribbean Coast phase one would be put on sale today.