Other incentives were also offered, with Keppel Land giving out Chinese New Year discounts and United Engineers offering special discounts on cars with purchases of certain units. New projects were also launched at lower prices, with City Dev and Hong Realty launching Coco Palms at S$980psf, 10-20% lower than the planned S$1,100-S$1,200psf.
Buyers responded positively to the price cuts. Sky Vue, with its more competitive pricing, achieved a much healthier take-up rate, compared to its more expensive adjacent development, Sky Habitat.
We also saw buyers reacting positively to price cuts, with Sky Habitat clearing more than 100 units since the re-launch. This reinforces our survey results that suggest weak demand is driven more by expectations rather than affordability.