Attempts during the weekend to cash in on the apparent revival of the property market by increasing asking prices for second-hand flats were rejected by potential buyers, indicating sentiment remained fragile despite the rate cut. A survey of price rises at nine leading housing estates, conducted at the weekend by Hong Kong Property Services (Agency), revealed prices had increased by an average of 3 per cent following Friday's rate cut. Despite cheaper credit and repeated statements from government officials and developers that the market had hit bottom, only four or five flats were sold on each estate. Some homeowners had shown overconfidence in the positive effects of the rate cut, with average prices at Kingswood Villa in Tin Shiu Wai up 8 per cent - the highest surveyed. The survey showed confidence had been strengthened by the 25-basis point cut, with the number of visitors to second-hand units increasing as much as 30 per cent from the previous weekend. It indicated, however, that sentiment in the secondary market remained weak, with potential buyers remaining cautious about a further possible downturn. Analysts said buyers were also shunning the secondary market in favour of new developments given their competitive prices. Cheung Kong (Holdings) announced all 583 Laguna Verde phase two flats in Hunghom were snapped up on the first day of a public sale on Saturday. The developers generated revenue of $3.1 billion from the sale of 728 Laguna Verde units, including 145 flats sold internally. Laguna Verde is a joint venture between Cheung Kong and CLP Holdings. Agents said Wheelock Properties also took advantage of the rate cut by offering another 48 units at its Galaxia project in Diamond Hill for sale yesterday. The developer did not release prices but agents said about 10 units had been sold by the afternoon. Last Saturday, all 48 Galaxia units in the first batch were sold at an average of $4,488 per square foot. Sun Hung Kai Properties said more than 600 remaining units at three of its projects - Grand Horizon in Tsing Yi, Scenic View in Ngau Chi Wan and Castello project in Sha Tin - had been sold since Saturday. Centaline Property Agency sales manager Rocky Wong Chun-wai said several buyers at Laguna Verde immediately offered their units for resale for between $200,000 and $800,000 more than they paid. No transactions were made as the sellers had priced themselves out of the market, Mr Wong said.