The property agency stated that the Outside Central Region (OCR) and Core Central Region (CCR) saw weaker sales last month, with the drop in the CCR being attributed to the higher take-up rate for Cairnhill Nine in March. “Notwithstanding, Cairnhill Nine is still doing well, selling 33 units in April, where the bulk are one- and two-bedders,” said Lee Nai Jia, Regional Head (SEA) Research, DTZ. The best-selling private residential project in the month was Sturdee Residences in the Jalan Besar area, boosting sales in the Rest of Central Region (RCR) to 320 units, said DTZ. Meanwhile, Kingsford Waterbay in Upper Serangoon managed to sell 20 units in April. Among the EC projects, The Visionaire sold 154 units and Parc Life moved 51 units, despite both projects receiving more e-applications. “Given that the buyers can withdraw their e-applications at no cost, the conversion rate is low,” said Lee.
He explained that the overall slowdown in sales was due to a number of reasons. “Besides the cooling measures, buyers were also affected by the releases of weaker economic data, both globally and locally. “As the economy becomes more uncertain, and (with) the Additional Buyer’s Stamp Duty (ABSD) weighing on buyers’ decisions, more buyers prefer to stay put unless they find the project very attractive, in terms of its pricing and location.“Notwithstanding, the release of May and June’s data will give a better indication on whether there is a further weakening of demand or not,” he added.