Chart of the Day: 60% of condo projects show low take-up rates in its first month
New projects’ benchmark prices and hefty stamp duty continue to be the main drag.
This chart from Savills shows that the take-up rates of condo projects in 2019 has been low in the four weeks since the sale day of first caveat.
Amongst 52 projects in 2019, 31 or close to 60% of the projects registered a take-up rate less than 10%. This is followed by nine projects or 17.3% of the total that saw take-up rates ranging from 10% to 20%.
Savills noted that besides external factors, such as economic uncertainty and a weak job market, new projects’ benchmark prices and hefty stamp duty paid for the second property and above continued to be the main drags in the sales market.