Hoping to catch the last gust of wind for 2018, and also in light of expected economic headwinds, developers raised their spinnakers in November to catch as much sales with seven projects launched.
1,341 units were launched from these projects with 1,198 units sold, the highest number after the July cooling measures. As predicted, this brings year-to-date units sold at 8,644, or 81.8% of the volume in 2017. Top selling projects were mass-market projects such as Parc Esta and Whistler Grand, where buyers were likely enticed by their affordable quantum (80.4% of units at Parc Esta and 86.8% of units at Whistler Grand were sold at below $1.5m). Previously launched projects also contributed to this month’s sales; with 52 units from Park Colonial, and 43 units from Stirling Residences.
In the EC market, only four units were sold from existing projects as there were no new launches. EC demand is likely to build up as the next EC project at Sumang Walk will only be launched in 2Q 2019.
CBRE expects sales momentum to slow down and end the year just north of 9,000 units on the back of limited launches and weak sentiments. Further sales are likely to come from the existing projects as developers try to clear their inventory before a flurry of launches scheduled for 2019 dials up the competition.
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