Luxury condos recorded extremely dismal sales in September

Only a single unit was sold in one project.

Home buyers continued to snub luxury residential properties in September, with newly launched high-end projects recording dismal sales in the past month.

According to Knight Frank, only one out of 33 units was sold in M5 in Tanglin Planning Area. The sole sale came with a $1,910 psf price tag.

Meanwhile, One Duchess in Bukit Timah sold only two out of 13 units $2,272psf. The dismal luxury property sales are in stark contrast with robust sales in the mid- and mass market segments.

September’s increase in developer sales was mainly attributed to the launch of highly-anticipated projects such as Highline Residences and Seventy Saint Patrick’s.

According to Colliers, the debut of Highline Residences located in the largely popular Tiong Bahru enclave was well-received with 142 units sold out of the 160 units launched.

Seventy Saint Patrick’s proved to be popular with homebuyers who snapped up 110 units out of the 140 units launched.