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17 Oct 2013

Uneven showing in Sept launches as developers jostle for buyers

Source: Business Times

By: Kalpana Rashiwala Kalpa

Developers' private home sales surged 65 per cent to 1,246 units in September from 756 units in August - though the figure was slightly less than half the 2,621 units transacted in the primary market in September last year. The figures exclude executive condominium (EC) units.

Based on preliminary figures, developers have sold 2,484 private homes in the third quarter - the weakest showing since Q4 2009, when 1,860 units were sold. This shows the total debt servicing ratio (TDSR) framework introduced in late June has bitten the private housing sector deeper than previous cooling measures.

DTZ's South-east Asia chief operating officer Ong Choon Fah said the ranks of property investors have thinned significantly and those still around are going mostly for smaller units.

A closer look at the latest figures from the Urban Redevelopment Authority (URA) also revealed an uneven performance among the seven new projects (excluding EC developments) that were launched last month.