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Singapore has a property glut that could take years to clear, threatening to kill a nascent price recovery amid an already uncertain economic outlook.
The city-state had an overhang of 31,948 units as of Sept 30, according to the Urban Redevelopment Authority. Sales have averaged about 2,500 homes per quarter this year, and at that rate it will take almost four years to clear the backlog, according to Christine Li, head of research for Singapore and Southeast Asia at Cushman & Wakefield Plc.
The glut has prompted developers to call for property curbs to be eased, including lowering the 20 per cent stamp duty for foreign buyers and getting more time to sell apartments before being hit with punitive levies. The over-supply also threatens to push down prices, the central bank warned last month.
And given the unsure economic outlook, sales might fall between 5 per cent and 10 per cent next year, said Christine Sun, head of research at OrangeTee & Tie Pte. Property prices could still rise, albeit at a slower pace of 1 per cent to 3 per cent "assuming the economy doesn't deteriorate excessively next year."
Real estate related news stories from Singapore
- IReit Global ventures into Spain, acquires four office buildings
- Hoi Hup Realty bags maiden S$332.5m green loan
- Chart of the Day: Private home price growth moderates to 1.3% in Q3
- Property glut could push prices down, take years to clear: report
- Hoi Hup Realty secures $332.5m green loan to develop Andaz Hotel
Asian property news round up
- Listed firm plans integrated property projects to weather bleak industry outlook
- Citramas, Sinar Mas team up for digital venture into Batam’s $14b economy
- Condotel property market in urgent need of new regulations, standards
- Henderson Buys Out Aging Hong Kong Building to Acquire New Territories Site
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