Deal momentum slows in en bloc market after cooling measures

The en bloc residential market has seen a slowdown in successful sales since December’s cooling measures as developers take a more cautious approach.

Market watchers say that the gap between the reserve price and the price that developers are willing to fork out has widened as developers grapple with the latest property curbs, along with other headwinds such as elevated costs.

Following the close of its public tender, The Beaumont went into a 10-week private treaty period which expired last week without any offers. The freehold residential development at Devonshire Road in the Orchard area was put up for sale at S$478 million.

According to The Beaumont’s marketing agent Savills, it will likely be relaunched for public tender soon, onc…