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HKR International sold little more than a fifth of its Tung Chung housing project Coastal Skyline at the weekend, a performance agents blamed on a marketing strategy that backfired.

The company sold 423 flats in the 2,022-unit development, adding 111 units yesterday to the 312 sold on Saturday. The sales figure represented less than a 10th of the 4,672 potential buyers who registered for the project.

Estate agents said many potential buyers delayed their purchases in the hope of receiving a cheap flat through a lucky draw for the first batch of units.

HKR last week said it would sell the first 24 flats at about HK$1,700 per square foot - a 22 per cent discount to the average HK$2,300 paid by other buyers at the weekend.

However, it decided to draw only 12 of the 'winners' at the weekend, leading many people who had registered for the pre-sale to defer buying until after the draw has been completed.

The remaining 12 units, offered at HK$880,000 to HK$1.68 million, would not be sold until further notice, HKR said.

On Saturday, only one buyer was drawn for the discounted units, causing many disappointments.

An HKR spokesman said the lucky draw was postponed to yesterday because of the unexpectedly long time buyers took before making an outright purchase decision.

'This serves as a drag to the market response,' Centaline Property Agency director Sandia Lau Ying-lam said. 'Buyers might delay their decisions and test if they are lucky to get cheaper units.'

According to HKR, the Coast Skyline units were priced between HK$2,182 and HK$2,800 per square foot, with the average HK$2,300.



HKR sales strategy cuts into buying