Condo sales down to 1,531 units in Q3, worst showing since 2008 financial crisis

Developers sold 1,531 non-landed private homes in the third quarter - the lowest quarterly figure since just 419 homes were sold in the fourth quarter of 2008. -- ST PHOTO: DESMOND WEE
Developers sold 1,531 non-landed private homes in the third quarter - the lowest quarterly figure since just 419 homes were sold in the fourth quarter of 2008. -- ST PHOTO: DESMOND WEE

SINGAPORE - Developers sold 1,531 non-landed private homes in the third quarter - the lowest quarterly figure since just 419 homes were sold in the fourth quarter of 2008.

The sales tally for the quarter was also well down from the 2,665 condominium units sold in the second quarter, the Urban Redevelopment Authority said on Friday.

Amid the deep gloom that has settled over the property market since stringent rules governing property purchases were introduced last year, consultants said the "languid" market in the July to September period was in part due to the Hungry Ghost Festival, which stretched from July 27 to August 24.

"The Chinese traditionally regard this period as an inauspicious time to commit to home purchases," said Ms Chia Siew Chuin, director of research and advisory at Colliers.

Developers put fewer new homes on the market in anticipation of the lull, and chose to focus their marketing efforts on moving units at projects that were launched earlier this year, she said.

Property launches that were popular among buyers in the third quarter were UOL Group's Seventy St Patrick's in Marine Parade, Keppel Land's Highline Residences in Tiong Bahru and World Class Land's City Gate in Beach Road.

ocheryl@sph.com.sg