The cooling measures hit sales hard.
This chart from CGS-CIMB shows that the number of condo units sold for the whole of 2018 dropped 16% YoY to 9,714 units. The research firm noted that the cooling measures in July have dented the pace of sales.
"We expect volume sales to remain relatively flat yoy in 2019 with more anticipated launches in the pipeline," CGS-CIMB analyst Lock Mun Yee noted.
Meanwhile, the figures show that the December 2018 primary home sales plummeted 50% MoM but jumped 40% YoY to 602 units. Three executive condos (EC) were also sold during the month.
The lower sales volume does not come as a surprise given that only 101 units were launched during the month and it was the holiday season," the analyst explained. "The bulk of the sales came from suburban and city fringe projects, such as Whistler Grand and Parc Esta."
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