THE decision by some developers to cut prices on new apartments has failed to draw a strong response from buyers, signalling a slowdown in demand on the home-sales market, say property analysts. The slowdown had been reflected at some property developments, including New World Development's Crestmont Villa in Discovery Bay and Sun Hung Kai's Pristine Villa in Sha Tin, the analysts said. New World Development has offered 60 apartments in Crestmont Villa at an average price of $4,000 per square foot, down 15 per cent from the last sale. Although no official figures were released, property agents estimated that only a small number of flats were sold on the first day of sale. The disappointing result was repeated at Sun Hung Kai Properties' Pristine Villa, where 48 flats were offered for public sale at $5,000 per sq ft, a 10 per cent drop from the previous sale. Property agents said the first-day results were not encouraging because of the increasing supply from other developments, which absorbed some accumulated demand by offering below-market prices, and the less-attractive view from the apartments. However, they said it was not the right time to test the market and expected better results during the upcoming Easter holiday period. 'The buying response has slowed down after the rush for apartments over the past few weeks,' said Ivan Chen, senior sales manager of Midland Realty's Sha Tin branch. 'The pent-up demand was absorbed by the recent release of other new apartments.' Mr Chen said the market would consolidate for a short time but he did not expect a further drop in selling prices because the pricing was reasonable at this stage. 'Buying response during the Easter holidays would be an indicator of end-users' projection for the home-sales market,' said Mr Chen. However, some property agents are worried that response will be dampened by the large number of new developments to be offered during the holidays. Buyers would become more selective in the face of the large supply, property agents said. Other developments to be offered include Sino Land's 50 flats at Serenity Park in Tai Po and the Housing Authority's 72 flats at Prosperous Garden in Yau Ma Tei. The Housing Authority decided to put more units on the market after registration was 32 times oversubscribed.