Singapore economy faced a contraction, slightly beyond expectation year to year in the third quarter Q3 2020 from a year ago as shown in the Wednesday preliminary data. Year to year shrinking of Gross Domestic Product (GDP) by 7% in July to September was announced by Ministry of Trade and Industry. Poll conducted by Reuters from a group of prominent economists expects a contraction or decline by 6.8% which is comparatively close thereby confirming the same sentiment of the economy contraction in the industry as a whole. With such contraction, there is surprisingly minimal effect on the sales of new condo with the most recent new condo launch by developers
