Buyers cautious on property purchases

The government measures introduced last Monday to cool property speculation seems to have greatly affected the mass-market segment, with smaller crowds at showflats and fewer sales recorded over the weekend.

On the other hand, prime properties still saw some interest from genuine buyers.

No new launches took place over the weekend, but sales were poor at developments, according to The Straits Times. A healthy crowd was seen at the 1,145-unit The Minton, but actual sales was dull, said Peter Ow, managing director for residential services at Knight Frank, the marketing agent for the project.

“The crowd levels were the same as the previous weekend, but take-up was poor. The sentiment on the ground is now buyers want to wait and see what happens in the property market,” said Mr. Ow.

So far, The Minton has sold 437 units at an average price of $860 psf.

In general, the mood appears to be cautious, with most homebuyers now keeping home purchases on hold, said property agents interviewed by The Straits Times.