Henderson Land Development Co is trying to attract home-buyers by offering special discounts for 14 residential projects today, but only a small number of units is likely to be involved. The company said the special offer was aimed at promoting sales and would only be available for one day, with a discount of 5 to 15 per cent for various projects. Henderson said the first buyer in any of the 14 projects today would enjoy the stated discount. It added it would be flexible and maintain the discount if there was buying interest. The projects include Metro City in Tseung Kwan O, Flora Plaza in Fanling and Tolo Place in Ma On Shan. Analysts said the special discount would be a good promotion tactic under the current market conditions but warned a price war might break out among developers if the offer continued. Sun Hung Kai Properties (SHKP) said yesterday it would not resort to price-cutting to promote the sale of new residential projects although the market was undergoing a correction. Mr Alfred So, director of the company's marketing arm, Sun Hung Kai Real Estate Agency, said it would not reduce prices for the sake of boosting sales. He said slower sales were a healthy market development and buyers could avoid having to make a decision under speculative pressure. Any interest rate rise would be less than a percentage point and would not affect the market. SHKP said it would sell 48 flats at Royal Sea Crest, a new project in Tsing Lung Tau, at $8,215 per square foot on May 3. Cash terms will be $7,750 a square foot. Mr So said the selling price was in line with secondary market rates.