Sales of Sun Hung Kai Properties' Oceanfront development were slow at the weekend as homebuyers expected property prices to decline following increases in the first quarter. The developer sold 240 units of the remaining 440 units of the third phase of its Park Island project in Ma Wan at between $3,500 and $3,800 per square foot. The previous weekend, about 1,000 units of the project were sold at prices 5 per cent higher. Oceanfront, which consists of 1,446 units, is the first major residential project to go on sale since the government's resumption of land auctions. About 1,100 units had been sold as of yesterday. 'Prices rose too fast in the first quarter and the downward adjustment has begun,' said Louis Chan of Centaline Property Agency. Some market watchers estimated property prices to fall by about 10 per cent from their peak. Mr Chan said buying sentiment was also affected by the plunge in the stock market, oil-price rises and concerns over interest rates. Meanwhile, the second phase of Pacifica, developed by Cheung Kong (Holdings) and Sun Hung Kai Properties in Cheung Sha Wan, sold all 20 units on offer in an hour on Saturday. The flats were priced at $3,600 to $4,500 per square foot, unchanged on the week.