Cheung Kong (Holdings) sold 420 units of its Banyan Garden phase two in Cheung Sha Wan within three hours last night, shrugging off concerns over cautious market sentiment. It marked another encouraging property sale following Sun Hung Kai Properties' sell-out of 2,569 units at Park Island, Ma Wan, last month. Cheung Kong said prices of the 420 units sold at yesterday's public sale averaged HK$3,250 per square foot, with high-level sea-view units fetching HK$3,800 per square foot. This compared with HK$2,718 per square foot for the initial 20 units on offer. With 200 units sold through internal sales earlier, the developer said it had generated proceeds of HK$1.26 billion. Cheung Kong sales manager Francis Wong said about 90 per cent of Banyan Garden phase two units had been sold and the prices for the remaining 60 units would be increased by 3 per cent to 5 per cent. Centaline Property Agency sales director Sandia Lau said Banyan Garden's price was reasonable and in line with market rates. 'The sale shows there is underlying demand for flats in urban areas,' she said. But she said it was too early to predict a recovery, citing abundant supply. 'It will take some time for the market to absorb the large number of units,' she said. Henderson Land Development yesterday launched another discount promotion campaign for 2,000 remaining flats in four West Kowloon projects with sweeteners including a 10 per cent cash rebate and stamp duty exemption. An initial 48 units are offered at the projects - including 20 at Metro Harbour View, 12 at The Merrylands and eight each at Wealth House and City Regalia. Henderson general sales manager Donald Cheung Ping-keung said it would spend about HK$10 million on promotions this month and would release additional units according to the response of buyers. After the 10 per cent cash rebate, average prices of the units on offer at Metro Harbour View and The Merrylands are both HK$2,898 per square foot. Wealth House is HK$2,468 per square foot and City Regalia HK$2,751 per square foot.