Buyer fatigue? LakeGarden Residences sells less than 25% of its units during launch

The Wing Tai development has a total of 306 units.

The LakeGarden Residences saw a more modest uptake versus Altura EC, which also began its sales booking on 5 August.

During its launch, the LakeGarden Residences only sold 23% of its 306 units. Data from Huttons showed that almost 80% of the units sold during the launch were 1- and 2-bedrooms.

“This shows that investors saw the future potential of staying in Jurong Lake District and took action to secure the future upside. Given that there are not many projects by Jurong Lake, the potential upside for prices is huge,” Huttons said.

According to PropNex, the modest take-up in the Wing Tai development could be due to several factors, including buyer fatigue.

“Over the last month, more than 2,500 new homes across several major projects were launched on the market, namely Lentor Hills Residences (OCR), The Myst (OCR), Pinetree Hill (RCR) and Grand Dunman (RCR). Buyers are probably taking the time to reassess and weigh the available options before committing to a purchase,” PropNex said.

Huttons, for its part, said buyers may have held back due to economic conditions and are waiting for other projects to do a comparison before committing.

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