Developers' conservative approach decreases condo launches in September - KF
Despite this, KF pegs their estimated total sales for the year at 13,000 units.
A wait-and-see approach from developers is to blame as September records the second-lowest amount of condominium launches for the year, according to a report from Knight Frank (KF).
In September, the Urban Redevelopment Authority logged 210 units launched, only slightly higher than the monthly low of 167 units in February. KF attributed this to the changing environment due to the volatility of COVID-19.
Primary sales in the private residential sector also saw a decrease by 31.4% month-on-month to 834 units as a result of this approach. By comparison, August had 1,216 units sold.
On the other hand, however, an estimated 1,400 resale transactions took place in the month due to the lack of new launches.
KF also expects a final number of 13,000 new sales transactions for the entire year. This is based on the 6,458 primary sales in the first half of 2021, along with the monthly developer sales from July to September.
The Vaccinated Travel Lanes are also seen to play a factor in this performance as foreign buyers enter into the market once again. Sales in the Core Central Region, in particular, are expected to experience a boost.
Highly-anticipated projects at Canninghill Piers, Liv@MB, The Commodore and Perfect also are expected to drive up sales.