Struggling developers failed to sell almost 7,000 newly-launched flats in Q3

1 in 2 units were in the OCR.

Singapore’s residential property developers failed to sell 6,685 newly-launched flats in the third quarter, as the number of new private residential units sold fell by 42.6% quarter-on-quarter to 1,531 units.

A report by Savills revealed that 2,969 units, or 44.4% of unsold flats, are located in the OCR. Meanwhile, there are 1,716 unsold condos in CCR (25.7%) and 2,000 unsold units (29.9%) in the RCR.

“Hence for the rest of the year, other than EC developments, no major projects are expected to be launched in the OCR. CCR and RCR, on the other hand, will be seeing some project launches in the next few months,” the report stated.

These include Marine Blue at Marine Parade Road, Pollen & Bleu at Farrer Road and Sophia Hills at Mount Sophia. 

Here’s more from Savills:
The highly anticipated Marina One Residences was finally launched in early October. 372 units were released and 300 units sold within a week, a strong 80% take-up rate. Many of the purchasers were reported to have bought multiple units.

The supply of new private residential units at the end of Q3/2014 stands at 79,364, of which about 4,336 units will be completed by the end of this year and 20,824 units by end 2015. 574 units, or 13.2% of the number of units that will be completed by the end of 2014, are still not sold.