The successful sale of Sun Hung Kai Properties' (SHKP) Le Sommet residential project has not given the second-hand market a boost, according to property agents. Almost all the 394 units on offer in the luxury North Point development were sold at prices as high as $6,789 per square foot. However, agents said there had been little or no impact on the secondary market, where prices remained virtually unchanged. Traditionally, a good sales result in the primary market could be expected to provide a boost for secondary-market prices. Prices for second-hand flats in nearby luxury projects at Tin Hau Temple Road, Cloud View Road, Braemar Hill Road and in Mid-Levels had changed little since Le Sommet went on sale, agents said. Some vendors in Mid-Levels had increased property asking prices by 3 to 5 per cent following the SHKP sale but agents reported few, if any, transactions. Agents said one reason for the limited impact was that prices at Le Sommet were up to $2,000 per square foot higher than secondary-market prices. Le Sommet had also absorbed all market demand in the North Point area, they said, adding there was little or no interest in second-hand flats. 'Any purchasing power that was in the market was eaten up by the project,' said Kenny Au, negotiator with Centaline Property Agency. Some agents said even a good sales response would not boost buyer sentiment over the Lunar New Year, with the lack of price movement and buying activity underlining the precarious state of the market. 'I don't think prices will go up,' Mr Au said. 'Things are not the same as they were a couple of years ago. Now buyers have become much more cautious.' However, Gary Lee, sales manager with Midland Realty in North Point, said sales of Le Sommet would spur more market activity after the Lunar New Year.