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Singapore's private housing market is poised for modest price growth next year, amid a resilient leasing market. However, developers are expected to continue being challenged by the significant supply of unsold private housing units in the pipeline although, by some estimates, the oversupply could ease by the end of 2021.
Data from the Urban Redevelopment Authority (URA) shows that as at the end of the third quarter of this year, there were 31,948 unsold units in uncompleted private housing projects with planning approvals - down from the most recent high of 36,839 at end-Q1 this year. Assuming that developers continue to sell about 9,000 private homes on average per year, take-up will total around 18,000 units in the next two years (2020 and 2021). Land supply from the confirmed list of the Government Land Sales (GLS) Programme, on the other hand, is assumed to be about 3,000 private homes annually - or 6,000 units over the two years.
The higher take-up numbers against the GLS supply will result in a net reduction of around 12,000 units from the pool of unsold, uncompleted private homes.
Ong Teck Hui, JLL's senior director of research and consultancy, said: "If the GLS continues to be conservative and outstripped by primary-market sales, we could see the figure fall to under 20,000 units by end-2021, potentially setting the stage for a market recovery."
Real estate related news stories from Singapore
- Developers sell 1,147 private homes excluding ECs in Nov, up 23% m-o-m: URA
- GIC buys real estate portfolio in Europe for $1.43b
- KepLand to take 49% stake in Mumbai township JV
- UOB, DBS, StanChart provide S$945m green loan to Allianz, Gaw for Duo deal
- More BTO flats to be launched in 2020 to meet higher demand
Asian property news round up
- Dispute over Lotte Chemical's US$4.2b plant resolved
- China's Jan-Nov property investment up 10.2%
- Hong Kong house prices stay stubbornly high in face of unrest
- Asia Real Estate People in the News 2019-12-16
- More than 45 winners celebrate DOT Property Southeast Asia Awards 2019
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Previous news selection
GIC to buy European logistics portfolio for 950m euros
About Agent.sg Daily Property News Selection
Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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