The market responded favourably to phase one of the Banyan Garden residential project in Cheung Sha Wan, with developer Cheung Kong (Holdings) selling 168 units at yesterday's public sale.
Together with 240 units sold through internal sales, Cheung Kong has generated revenue of about HK$1.02 billion.
The strong response follows Henderson Land's sale of more than 100 units at Metro Harbour View in Tai Kok Tsui at an average price of about HK$3,100 per square foot in the third round of public sales on Saturday.
Analysts said the Banyan Garden sale showed market demand was strong given that more than 1,400 apartments had been sold at Metro Harbour View over the past two months.
They said buying sentiment remained positive in West Kowloon and the achieved price indicated other developers would not need to cut prices to shift units in the area.
Cheung Kong executive director Justin Chiu Kwok-hung said the result reflected strong buying interest and the developer was considering increasing prices by between 3 per cent and 4 per cent.
A Cheung Kong spokesman said the first batch of 52 units at Banyan Garden for public sale had gone quickly and more had been released at the same price.
