“There has been a number of new projects launched successively, and the pool of home buyers has been reduced over the past year. Moreover, the price range of new projects in the CCR is around $2,600 to $3,000 psf,” says Sun.
"Given the higher price quantum, the number of wealthy buyers is lower than upgraders for mass market or city fringe homes,” she points out. “The number of foreign buyers has also been greatly reduced because of travel restrictions.”