Nan Fung Development will offer the first batch of 318 units at the Visionary development in Tung Chung at discounts of up to 22 per cent as it seeks to compete for buyers amid a downturn in the property market. To drum up sales, the developer will offer 10 per cent off for buyers who opt for cash payment, plus 3 per cent of extra discounts and a 9 per cent subsidy to help them meet stamp duty payments. The average price for the first batch of flats is HK$9,686 per square foot, in line with transaction prices in the secondary market. "After the discounts, prices will go down to HK$7,600 per square foot, which is 10 per cent below the current transaction prices in the area," said Sammy Po, a director at Midland Realty. Inclusive of the discounts, a 1,034 sqft unit on the third floor of Block 8 will be pitched for HK$7.08 million, or HK$6,855 per square foot, making it the cheapest flat by price per square foot in the first batch. The price per square foot would be 13 per cent below the current average transaction price of HK$7,910 per square foot at Caribbean Coast, a 10-year-old development opposite the Visionary. A 434 sqft unit is also being offered for HK$3.31 million, or HK$7,646 per square foot. Po said buyers would only be able to find properties with such price tags in Yuen Long if they were intent on buying a flat in a new project. He said he expected sales in the secondary market in Tung Chung to come to a standstill as individual owners would be unlikely to offer big price cuts to compete with the developer. More than 10,000 people visited the Visionary development, which comprises 1,419 units, to view show flats at the weekend. Developers are racing to offer discounts and sweeteners to speed up sale of new projects after the number of transactions plunged 44 per cent from January to 4,648 last month.