Launch volume in the RCR dropped 13.7% to 1,105 units

Despite strong sales in mid-tier projects.

According to Colliers International, despite strong sales in both mid-tier projects, launch volume in the RCR fell 13.7% to 1,105 units while the number of mid-tier homes sold fell 23.0% QoQ to 1,045 units in 3Q 2013. These accounted for 33.0% of all units launched and 44.0% of all units sold in the quarter.

Colliers also noted that in the Core Central Region (CCR) where the higher-priced developments are located, market activity deteriorated further.

Launch and sales volumes were almost halved as both developers and homebuyers maintained a cautious stance. With developers biding their time in the lacklustre market, the number of units launched fell by 43.4% QoQ in 3Q 2013 to 215 units. In turn, overall sales dropped 49.9% QoQ to 183 units over the same period.