Chart of the Day: Developer sales in August hit three-year high

Developers sold 8,391 units up until August.

This chart from Colliers International shows that developers' private home sales already hit 8,391 in August, up from the 7,000-plus units in each of the past three years.

The firm sees that sales are still bound to go up to as much as 12,000 units. Meanwhile, a sustainable long-term annual private home sales demand should be about 12,000 to 13,000 units, in line with the annual average demand of 12,453 units.

Colliers said developers could progressively accumulate land for 60,000 to 65,000 units on a five-year rolling basis.

"As of now, the 14,000 units that could be generated from the collective sales so far do not seem to represent oversupply, given it could be absorbed in slightly more than a year," Colliers International said. "However, the other sources of land should not be ignored."

There are 2,840 units on the GLS Confirmed List, although up to 5,825 more units could be up for tender.