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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
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- 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
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