Property sales dropped significantly last weekend as much of the consumption power had been absorbed by the Capitol in the previous week. About 40 units were sold in the primary market during the weekend, compared with more than 2,000 transactions recorded the week before, when Cheung Kong (Holdings)'s Capitol in Tseung Kwan O launched its sales, according to industry watchers. At Hung Hom's Harbour Place, formerly Hunghom Peninsula, which was built under the now-defunct government-subsidised Private Sector Participation Scheme, 19 units were reported to have been sold. The Sherwood - Henderson Land Development's project in Tuen Mun - secured buyers for five units. Meanwhile, five units at Cheung Kong's Apex in Kwai Chung had been sold. Industry watchers said the lukewarm trading activity in the primary market was partly due to the wait-and-see attitude of potential buyers, who were expecting another rate cut by Hong Kong banks next week, following the United States' likely cut by 50 to 75 basis points to stimulate her worsening economy. However, transactions in the secondary market increased because more homebuyers turned to the second-hand market, as new supply is limited. A total of 452 units changed hands in the 50 key housing estates monitored by Ricacorp Properties, a climb of 21.2 per cent from 373 transactions recorded a week earlier. In nine key housing estates on Hong Kong Island, 58 units were sold, up 34.9 per cent from the previous week. Transactions in 20 housing estates in Kowloon climbed 22.4 per cent to 142 units, in which transactions in six key housing projects in Tseung Kwan O shot up 87 per cent to 43 units. In the 21 housing estates in the New Territories, deals increased 17.8 per cent to 252 units. Although average transaction cost on Hong Kong Island dropped 0.5 per cent and the New Territories fell 0.3 per cent, overall average transaction cost edged up 0.4 per cent, extending the record of gains to a 29th consecutive week.