Sales of Austville Residences hit by cooling measures

The developer of Singapore’s newest executive condominium said the latest round of property cooling measures have hit sales.

The Austville Residences in Sengkang has sold about 20 per cent of its 540 units.

It was hot property before the measures were announced last Thursday.

A long line of potential home buyers queued overnight to secure their choice unit on the first day.

But the cooling measures announced that same day appear to have chilled demand.

A spokesperson for developer United Engineers said most of the units sold were transacted in the hours before the announcement.

He added there has been a dip in buying interest as home buyers are still digesting the changes introduced.

Had it not been for the announcement, Austville would have seen better sales, the spokesperson said.

Source : Channel NewsAsia – 18 Jan 2011

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