Developers launched 911 units for sale and sold 1,178 units in July. The sales numbers are 43% higher MoM and 32% lower YoY. Number of units launched-wise is 36% higher MoM and 59% lower YoY.
July 2019 sale numbers is not directly comparable to July 2018 sales because cooling measures were introduced last year. July sales tend to be much higher than June because it is right after the school holidays and before the Lunar Seventh Month. But we believe that the solid sales recorded for One Pearl Bank and Sky Everton is a catalytic factor for the primary sales market in July and the positive sentiments spill over to the rest of the market.
Sales in the RCR continued to lead the market, accounting for more than 50% of units sold in July. Rising affluence among households allowed them to trade up to a city fringe private home.
August sales volume tend to be slower as developers hold back on launches in the Lunar Seventh Month and purchasers are likely to hold back as well. But right after the Lunar Seventh Month, we are likely to see several highly anticipated launches such as Parc Clematis, Avenue South Residences, Meyer Mansion, The Antares and Guoco Midtown.
The top five private residential projects for July 2019 are: