HKR International will step up its property sales programme in the second half of the year with plans to launch 1,900 units worth $4 billion in anticipation prices will begin to bottom out. Of the upcoming sales, 1,400 completed units will come from the Coastal Skyline in Tung Chung and 500 units at the Siena development, Discovery Bay. Managing director Victor Cha Mou-zing expects the price war in the mass residential sector to come to an end, saying the company would try its best not to offer its Tung Chung project at prices that undercut the market. 'A prolonged price war will further hurt buying confidence,' he said. 'Developers have already been offering projects at a loss.' Last month, a price war broke out among developers of two residential projects near the Tsing Yi and Tung Chung stations, with units at the Tsing Yi project priced at $1,680 per square foot, which agents said was more than 20 per cent below the market rate. Mr Cha said HKR had postponed the relaunch of its Coastal Skyline residential development in Tung Chung due to the effects of the Sars outbreak. In the first half of the year, HKR had generated $2 billion from the sale of about 1,000 units, said Chan Chi-ming, general manager of development and marketing. The developer would release the second phase of Siena II, Peaceful Mansion, in Discovery Bay, this month. Peaceful Mansion has 127 units of 590 square feet to 1,170 sqft and three duplexes of 1,900 sqft to 2,200 sqft. Mr Cha, whose family holds a 50 per cent stake in HKR, said it had no plans to privatise the company despite proposals from some investment bankers. The speculation came with the developer trading at a 70 per cent discount to its net asset value. Last month, HKR posted a loss of $700.6 million for the year to March, its first loss since listing in 1988.