Chart of the Day: New condo sales surge 44% in Q3

This chart from Edmund Tie & Co. shows that new condo sales volume is expected to surge 44% QoQ to around 3,100 units.

Sales from the Rest of Central Region (RCR) and Outer Central Region (OCR) led the gains due to launches of three major new projects in the area: One Pearl Bank (774 units), Parc Clematis (1,468 units) and Avenue South Residences (1,074 units).

Overall, new sales volume is expected to outweigh resale volume (including both resale and sub sale) for the second consecutive quarter, as the number of units from new projects launched in Q3 jumped by about 67% QoQ to approximately 4,500 units.

Total sales volume in Q3 is projected to reach approximately 5,000 units, which is about 20% more than the previous quarter and a record high since Q3 2018.

Conversely, resale volume is likely to decline 9% QoQ to about 1,800 units as buyers continued to prefer new units over older resale units, with a wide range of projects to choose from, the report added.