Sino Land and Kerry Properties are preparing to release Residence Oasis, a large-scale residential project at Hang Hau Station, according to estate agents.
The project, on the Tseung Kwan O MTR line, comprises 2,130 units, due to be completed by February 2005.
Sources said the developer would release the project for sale this year and a soft launch could start this month, pending pre-sale consent.
The value of flats in Tseung Kwan O was under pressure due to excess supply, said Centaline Property Agency senior research and marketing manager Wong Leung-sing. More than 5,000 units were unsold and the average selling price was below HK$2,500 per square foot, he said.
This compared with an average selling price of HK$3,000 per square foot at the end of last year.
Mr Wong said the developers would release their unfinished projects for pre-sale as soon as possible to tap demand arising from completion of the Tseung Kwan O MTR line.