SUN Hung Kai Properties' (SHKP) last-minute decision to sell additional flats at Villa Athena has calmed speculative activity at the Ma On Shan residential development.
Speculators had been expecting quick profits from the sale, but the release of four more blocks dampened their hopes.
With more flats on offer, property agents said speculators who had won the right to buy flats at Villa Athena had found it more difficult to ask for a big premium on the flat price.
Peter Wong, sales manager at the Sha Tin branch of Centaline Property Agency, said activity in the ''grey market'' had been slower than expected because of the additional supply.
''With an extra supply, home buyers now have a bigger chance to get a flat. The premium asked by speculators has been cut substantially,'' he said.
Property agents said some buyers had earlier offered to pay speculators an extra $300,000 or more for flats at Villa Athena.
