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62.7% or 2,275 units were from 12 newly launched projects. The number of uncompleted private residential units that were put up for sale have jumped 45% QoQ to 3,628 units in Q3, according to Savills report. More than half of this figure (62.7% or 2,275 units) were from 12 newly launched projects, whilst the remaining 37.3% or 1,353 units were released in the previous quarters.
In line with this, new home sales also climbed 39.6% QoQ to 3,281 units of private homes being sold in the same quarter, compared to 2,350 units sold in Q2. This is also said to be the highest quarterly number since Q2 2013.
By market segment, new sales in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) rose 3.5% QoQ, 32.7% QoQ and 53.5% QoQ, respectively. The best-selling ones were the 1,468-unit Parc Clematis (sold 665 units), 1,074-unit Avenue South Residence (sold 500 units) and the 774-unit One Pearl Bank (sold 280 units). These three projects have take-up rates ranging from 29.6% to 33.6%, which are “relatively healthy”.
Notably, their tally of 1,445 sold units have outpaced the 1,417 units from 16 newly launched projects in Q2.
“Despite the quarter being afflicted by a sluggish economy and the Hungry Ghost month, during which it is considered inauspicious for people to buy houses or developers to launch, the primary sales market performed better than expected in the third quarter of 2019,” Savills stated in the report.
Real estate related news stories from Singapore
- CapitaLand to sell The Star Vista for S$296m
- aiTrust's private placement raises S$150m
- Shophouses in Bali Lane, Duxton Road up for sale by tender
- Larger BTO units heavily oversubscribed in Ang Mo Kio, Tampines
- Chart of the Day: RCR takes up bigger share of sold new condos priced above $3m in Q3
Asian property news round up
- Greystar to Launch 470-Unit Rental Property in Shanghai After Boosting Fund to $500M
- Nuveen Real Estate Names Nick Evans Head of Asia Pacific
- Heated hospitality segment for M&As
- A centre of gravity
- Damaged Festival Walk mall in Hong Kong remains closed
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