Developer Sales October 2023 Report

SUPPLY

– 54 units were put on sale
– There were no major launches in October

 

DEMAND

– In Oct 2023, developers had sold 203 residential condo units. This is 9.5 percent lower than the previous month.

– Oct sales were lower due to the absence of major launches and buyers awaiting hot launches in November

– The sales of the RCR in Oct 2023 represented 40.4 percentage, while sales of the OCR represented 37.4 percentage. The CCR was 22.2 percentage.

– North Gaia is the most affordable executive condo on the market. It sold 18 more units in October at the median price of $1,295 for each square foot

– The penthouse of One Pearl Bank that was sold to a Singaporean for $7.1 million. It was the highest priced unit sold in October.

– Foreign buyers increased their purchases in October from 12 to 14 as compared to previous month

 

OUTLOOK 


– The property market is expected to close the year strong with sales taking place in Hillock Green J’den, and Watten House

– Developers are likely to finish 2023 with between 6500 and 6,500 units. This is taking into account the 5,329 units sold during the first nine months of 2023. In the 4Q of 2023 an additional 1,000-1000 units could be sold.

– The prices are expected to rise by the fourth quarter of 2023, and could surpass 5% this year.

– In the 1Q of 2024 another 11 projects could be launched, with a total of 2,692 units

– Prices are predicted to rise between 3% and 5 % in 2024, subject to any unforeseeable events

The Continuum prices remain attractive to purchasers who are looking to buy a freehold project in RCR location.

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