PRICES are dropping at more luxury projects as developers struggle to move unsold stock.
At the uncompleted Hallmark Residences in Bukit Timah, units are being advertised at a discount of up to around $300,000, according to a marketing e-mail obtained by The Straits Times.
Consultants said the high-end segment has been weighed down by limited demand and ample unsold stock, adding that some developers may face extra pressure as they approach compulsory deadlines to sell off all their units.
The e-mail said prices at the 75-unit freehold project by MCL Land used to start above $2,200 psf but that has been cut to more than $1,800 psf.
The starting total price for two-bedroom units of 969 to 990 sq ft used to be above $2 million but that has sunk to over $1.8 million, it said.
A 969 sq ft unit at the project was sold at $2,302 psf in early June last year or $2.2 million, according to caveats lodged with the Urban Redevelopment Authority (URA).