Buyers snapped up the remaining 78 flats of The Leighton Hill development in Happy Valley yesterday (left, picture by Dustin Shum). The luxury residential project developer Sun Hung Kai Properties had earlier sold 470 units worth HK$8 billion through a private sale out of the total 544-unit development. Property analysts say that the Happy Valley development's prime location and its use of top-quality materials are the reasons that attracted cash-rich upgraders and investors. The developer released the first 20 units at an average of HK$6,797 per square foot - well below the development cost - for cash payments. Property analysts said that the enthusiastic response to The Leighton Hill development was an indication of a recovering luxury property market, and that the mass residential market might also follow suit. But some analysts said the positive result might be limited to this project and the market would remain depressed in the long term.