Developer sales drop by a disappointing 31% in September

Despite having to sell fewer units.

Private home sales numbers have developers scratching their heads after another discouraging month, as developers sold 341 new private homes this September compared to 495 in August.

To make things worse, the disappointing sales came as developers launched just 391 new units for sale, down from 598 units launched last month, according to data from the Urban Redevelopment Authority.

According to Ismail Gafoor, chief operating offices of PropNex Realty, developers will remain focused on moving units by attractively pricing the new projects, and that some projects attracted attention.

“We predict that home seekers will remain selective for the remainder of the year, with a project’s location and price points as the main drivers of demand. The current lack of mass market launches has also contributed to an inertia to commit as buyers remained on the sidelines,” Gafoor said.