Desmond Sim, Head, CBRE Research, Singapore and South East Asia:
“Despite the euphoria around the reported lift in the residential market, it appears that developers did not take any chances with the Hungry Ghost Month, a traditionally quieter period in the market.
The trend of seeking value from previously launched projects continues.
Against the absence of new launches, the market continued to display healthy pickup, with more than 650 home sales. The EC market showed similar strength in sales numbers. Despite there being no new EC launches, 249 units were sold. With rising private property prices, ECs present good value, as long as buyers meet eligibility criteria.
There are very limited launches identified in the pipeline. This might be a dampener to an otherwise encouraging full year volume.
Going forward, the collective sales fever will create demand from displaced owners who might favour new developments that are near completion, or have been completed. This injection in sales will however be reflected in the resales volume instead of new sales.
Quantum ultimately still sells. Based on caveats lodged on REALIS, 93 per cent of the caveats lodged in September were for projects priced below $1.5 million.”
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