Nearly 30 residential projects carrying 1,400 unsold units face critical sales deadline in 2023

NEARLY 30 residential projects are approaching a critical sales deadline this year, when developers will have to clear all unsold units coming up on the site – or stump up a hefty stamp duty payment running into the tens of millions of dollars.

As at mid-February 2023, there were some 1,400 unsold units across these projects that were close to their five-year milestone. The bulk of these developments, with about 990 units, are in the prime Core Central Region (CCR). Some 23.6 per cent of unsold units are in the city fringe, or Rest of Central Region (RCR), and the remaining 7.3 per cent, in the suburbs (Outside Central Region, or OCR).

Projects that appeared most at risk include Cuscaden Reserve in District 10, with 182 unsold units; and District 10’s Leedon Green (108 unsold units).