Henderson Land Development's 5 per cent annual rental guarantee for the first two years to buyers of its Grand Promenade project in Sai Wan Ho has lured investors away from another development in Kowloon. At the weekend, Henderson sold more than 40 units at Grand Promenade while Sun Hung Kai Properties' 8 Waterloo project in Yau Ma Tei saw flat sales. Last Thursday, SHKP also promised a 4 per cent annual rental guarantee for the first two years to buyers of 8 Waterloo. In practice, the promotion is a rebate offered to buyers, including end-users, equivalent to an 8 per cent return on the purchase price for the first two years. 'It is because Grand Promenade provides investors with a higher annual rental guarantee and more attractive payment terms to end-users,' a property agent said. However, SHKP's units at 8 Waterloo were offered above market expectations of $4,000 to $6,000 per square foot, he said. About 100 units were sold over the weekend. Apart from these two projects, Nan Fung Development's Grandville joint-venture project in Sha Tin had sold 40 units at $5,000 to $6,000 per square foot. Centaline Property Agency sales director Danny Ho Wai-keung said about 40 per cent of the buyers of Grand Promenade units were investors who opted for the 5 per cent annual rental guarantee scheme. Henderson offered the promotion to property investors only, not end-users, and the scheme is available for a month. 'It shows the promotion is effective. Most of them bought the three-bedroom units,' Mr Ho said. The developer's annual rental guarantee return was higher than the leasing market's 4.5 per cent a year, he said. The 40-plus Grand Promenade units were sold for between $5,800 and $8,200 per square foot, Mr Ho said.