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This could cause prices of nearby older homes to stagnate. Newly completed private residential properties could likely contribute to rising vacancy rates in Q1, according to PropertyGuru’s Singapore Property Market Index.
The report noted that recently completed condos with a significant number of unsold balance units could cause prices of older homes in the vicinity to stagnate, especially when the condo resale market is facing keen competition from new launches.
“It is important to note that, given the relatively low number of prospective buyers in the market today, any observed increase in asking and transaction prices will likely remain localised on a district-level in 2020, as opposed to a nationwide uptrend in property value,” the report stated.
Condo supply rose 13.3% QoQ to 78,184 in Q4 2019. Meanwhile, statistics from Urban Redevelopment Authority (URA) showed that the vacancy rate contracted 10.3% for completed private residential units whilst the number of planned units declined 3.5%.
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