Sales Report in October 2023

SUPPLY
– 54 new units have been launched and there were no big projects launched in October 
 

DEMAND
– In the month of October 2023, developers had sold 203 private residential condo. This is 9.5 percent lower than previous months.
– October sales were low due to the lack of major launches and customers awaiting hot launches for November
– Sales of the RCR projects in October 2023 were 40.4%, while the sales of the OCR projetcs represented 37.4 percent. The CCR projects were 22.2 percentage.
– North Gaia has the lowest per square foot executive condominiums that are available. It sold 18 additional units in October at a median of $1,295 per square foot.
– The penthouse of One Pearl Bank sold to a Singaporean for $7.1 million. It was the highest priced unit that was sold in October.
– Foreigners increased their purchase in October to 14 with an increment of 2 from prior month.

 OUTLOOK
– The property market will end the year with a solid selling performance in Hillock Green J’den and Watten House.
– The developers could end 2023 with between 6,500 and 6,000 units, according to the 5,329 units sold during the first nine months of 2023. In the fourth quarter of 2023 additional 1,000-1100 units may be sold.
– Prices are likely to rise by the fourth quarter of 2023, and could exceed 5% by the end of 2023.
– In the first quarter of 2024, another 11 projects could be launched with 2,692 total units.
– Prices are expected to increase between 3 and 5 % in 2024, excluding any unexpected circumstances.

Grand Dunman is the top 2 projects in RCR. This is mainly due to the strategic location attributes, proximity to MRT station and city center.

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