Sky Vue, Thomson Three to drive September developer sales

Developer presales to fall 30%, says Barclays.

After a dismal 482 and 742 units sold in July and August 2013 respectively, way below the 1,658 monthly average in 1H13, due to the June 28
Total Debt Servicing Ratio (TDSR) measures, Barclays Research believes September developer volumes could pick up on good demand on recent launches.

CapitaLand’s Sky Vue in Bishan reportedly sold 430 of the total 694 units on 28-29 Sep, at ASP of S$1,500 psf. UOL’s Thomson Three has sold 250 units (total 445) since launch in mid-Sep, at ASP of S$1,350 psf.

"We expect developer take-up to average 1,000 -1,100 units per month in Sep-Dec and for FY13 volumes to fall 30% y/y in 2013E to 15,500 units," said Barclays.