During the past quarter, an incredible 737 projects valued at over US$3.66 billion gained approval to be built. This has provided a surge in year on year investment into construction projects through Q2 of 2017. However, there are still not a lot of condominiums currently available. According to CBRE, there’s a total of 6,109 units of condominiums within the market through Q2 2017 – a huge 46% increase from Q1. This hasn’t significantly affected prices though as they’ve remained relatively stable. Only the lower to mid-range units were down around 1%. These range from US$1,500 per square metre (sqm) up to US$2,700 per sqm.
There has also been a trend of offering discounts on new properties. CBRE says this is in the range of 2%-10%. This may imply a slight weakness in the market, although it is not uncommon for developers to offer discounts when selling new properties.