Developer sales slump 58% in August

Only 805 units were sold in August.

With no new launches in private non-landed projects, developers suffered lowered sales in August,

According to ERA real estate Executive Officer Eugene Lim, developers sold 805 units in August, 58.1% lower than 1,921 units in the previous month.

"Out of the sold units, 473 (59%) were private residential units while 332 (41%) were executive condominiums (ECs)," Lim said.

The agency noted that that both saw sales volume fall from their peak in July.

On a yearly basis, sales in August were down 17.8% from 979 units sold during the same month last year.

"Nonetheless, these are optimistic figures, considering that almost the entire August corresponded with the Lunar 7th month, where sales are usually slow," he noted.

There is also a trend in consumers to favor ECs.

"ECs continue to find favour with buyers, possibly due to their lower prices and slightly more spacious sizes," Lim revealed.

Year to date, there have been 5,239 private units and 3,003 ECs sold.