Thank you! We would prefer to keep this post open so that we can track the SR and update the resolution back here. This way it will help other community members too! Please let us know the SR number once you have the chance to create it.
Actually, the property is already created in the upper layer like the Organization layer which is shared across different applications. When starting creating the Rest Service, the wizard may do the validation for creating the property inside the child class the same name as Parent one. Then it hanged the wizard. After changing the property from either web service or in the organization layer resolved the problem.