This is partly due to the nature of the freehold itself: low rental to sales ratio + poor short-term investment and smaller units are less popular.

Terra hill is in an unusual location on the west coast where the rent to sales ratio is the highest, so it is a little better.

Larger homes are generally the better value in the freehold sector, but the waiting time for new developments is too long for owner-occupiers. The later you go in the construction phase, the better the larger units will sell.

On the other hand the current overall property market environment is still unclear.

With the sudden cooling measures targeting this type of freehold high-end residential property, developers haven't even had time to rework their sales plans.

And with so many projects opening on the East Coast this year, it has created a localised buyers' market. Several projects are pulling each other's strings, and I'll give you a discount, and just before the opening of Continuum, Liv@MB offered an additional 2% discount.

It's now a case of the later you open, the more you lose, and the pressure is on Dunman Grand.

Back to Continuum, 26% is actually acceptable because of the project's large base and in absolute terms, 212 rooms is quite a lot: equivalent to 77% for Blossoms and 78% for Terra Hill.

Of course there is still a lot of pressure to sell next, with all the projects on the East Coast under pressure.

Some projects are selling less because they really suck, but others are selling less because there is a lot of competition.

The second scenario, an opportunity for buyers, is that the oversupply will slowly dilute over a five to ten year period, with a buyer's market when buying and a seller's market when selling, being the ideal situation.