Crowds at the launch of Botanique at Bartley in March 2015. (Photo by UOL Group)The lacklustre sales come as developers refrain from unveiling new projects, focusing instead on selling units at existing developments. In fact, only 219 housing units were launched by developers in June, down 56 percent from May and 48 percent lower than a year ago. “There are three reasons for the subdued buying sentiment. First, it coincided with the June school holidays when families might be away. Second, there was a lack of mass-market launches, with developers preferring to launch new projects at a later date. Furthermore, with loan curbs still in place, home buyers remained selective in their purchase decisions,” explained Mohamed Ismail, CEO of PropNex Realty.
Botanique at Bartley in Upper Paya Lebar Road emerged as the best-selling project in June, with 59 units sold at a median price of $1,301 psf.
“Going forward, as developers with EC projects line up for launches in the second half of the year, developers of mass-market projects may go slow to avoid a collision as they are both catering to similar market segments,” said ERA key executive officer Eugene Lim.