Developer sales in September highest in 2019
Developers launched 1,714 units for sale and sold 1,270 units in September. The sales numbers are 13% higher MoM and 36% higher YoY. Number of units launched-wise is 75% higher MoM and 47% higher YoY.
This is the second highest number of units launched for sale in 2019. The highest was in March 2019 where 1,812 units were launched for sale. A plethora of new launches hit the market after the Lunar Seventh Month. This include Cuscaden Reserve, Meyer Mansion, The Antares, Uptown @ Farrer and mega launch Avenue South Residence.
Compared to March 2019, sales in September were 20.5% higher even though less units were launched. The higher sales volume in September is likely a result of flight to safety amidst the uncertainty. Almost 60% of September sales were in the RCR. This is down to probably two factors: More RCR launches in September and many buyers opting to trade up to a city fringe location.
In 3Q 2019, an estimated 3,570 units were sold. Together with the 4,188 units sold in 1H 2019, we are seeing more than 7,500 units sold in the first nine months of 2019 which is much higher than the corresponding period in 2018. This puts us on course to clock more than 9,000 units for 2019 and a slight chance of hitting 9,500 if the current sales momentum continues in 4Q 2019.
Upcoming projects include The Iveria, Neu at Novena, Pullman Residences Newton, Midwood, Royalgreen, Dairy Farm Residences and Sengkang Grand Residences.