THE latest sale of apartments in Sun Hung Kai Properties and Henderson Land's new Ma On Shan developments has gone from bad to worse. Both offerings at the weekend failed to sell out. Estate agents in the New Territories had predicted the 40 flats in Block 10 of Sun Hung Kai's giant Villa Athena project would be five to 10 times oversubscribed. They were disappointed when after three days of registration last week, Sun Hung Kai announced it had received just 82 applicants. One agent described the result as ''a big tragedy''. Yesterday, sentiments took a further turn for the worse when it was realised neither development had sold out. Just 70 per cent of Sun Hung Kai's units released in this phase were sold this weekend, a spokesman said, although a further 12 units were released on the market at the last minute on Saturday. Similarly disappointing news came from Henderson Land, where the registration programme for Sunshine City last week performed well below market expectations. Only 257 applications were received for the 68 available units in Block L, despite an 11 per cent cut in average prices to $4,763 per square foot. When the units were formally put on sale at the weekend, only 90 per cent were sold. But an additional 32 people who had applied for flats had been offered the chance to buy. Crosby Securities analyst Nichols Pang said: ''The result is not as good as I expected. I have quite a few worries now. ''Maybe we will see developers take a further cut in prices.'' Developers had hoped the strong competition and good prices for the two lots at Tai Po would lift the residential market. Many sources said prices had a little further to correct, though some argued that they had already bottomed out. However, there was general consensus that it was unlikely Hong Kong would see any sustained recovery in prices until closer to the year-end.