Residential

Residential sector most hit by TDSR

Following the introduction of the TDSR framework in June, demand in all segments of the property market sank in July. According to property consultancy CBRE, residential deals were hit the hardest with a decrease of 56.6 percent, while transactions of strata industrial and commercial units went down by 20.9 percent and 31 percent respectively from June. Transactions for commercial units were supported by a relatively more resilient resale market. New sales of private homes by developers decreased by 73.3 percent to 482 in July compared with 1,806 in June. Resale private homes in July fell 14.3 percent to 539 based on caveats lodged. The number of strata units developers sold in the commercial segment went down by 57.6 percent to only 42, compared with 99 of June. Developers’ strata sales in the industrial segment also fell 32.3 ...