Nan Fung Development's launch of a project in Tseung Kwan O at a fire-sale price has apparently prompted the Housing Society to postpone its nearby Serenity Place sale. The Serenity Place sale was originally expected to be announced as early as today to draw buyers ahead of the internal sale of Nan Fung's Tseung Kwan O Plaza. There are fears the two developers may undercut each other, resulting in a price war. Joseph Tsang, international director at Jones Lang LaSalle and sales adviser for the Housing Society, said no announcement was scheduled today for the sale of Serenity Place. He would not say when the project would be released. Nan Fung stunned the market on Tuesday by announcing the sale of the first 18 units at Tseung Kwan O Plaza at an average of HK$1,998 per square foot. The price was a record low for the area and about 20 per cent below market price. The secondary residential market in Tseung Kwan O has come to a virtual standstill following the offer. Estate agents said the focus had shifted to the primary market, with about 900 prospective buyers registering for the Tseung Kwan O Plaza sale.