In Q4 2019, the condominium market continued to be weakened with a slow sales rate and a decline in number of newly launched units which totalled 18,385 units, a drop of 17% Y-o-Y. As for the entire year of 2019, the total number of newly launched units was 61,324 units, a decrease of 16% Y-o-Y.
Developers have become more cautious when launching new projects in this market situation. We have seen developers relaunching projects with adjusted pricing, while others closed their sales gallery in some projects and delayed launches until the market show sign of recovery. We expect to see more development revisions and discounts from projects in terms of product, pricing, and target buyers to survive the competition from new projects which focus more on affordability.