There are more than 338,000 private housing units in Singapore, latest data shows.
With supply outpacing demand, the vacancy rate for private rented homes increased 1.4 percentage points to 8.9 percent in the second quarter of 2016, reported Singapore Business Review citing a Savills report.
The stock of private residential units across the island stands at 338,728, after 8,425 rented units were added in Q2 this year. Net new supply nearly doubled from the first quarter and has reached a new record since 6,889 units were recorded in Q2 2015.
Despite the increase in vacancy rate, Savills noted that prime residential developments attracted a steady stream of tenants.
In Q2 2016, Reflections at Keppel Bay and The Sail @ Marina Bay saw rental contracts stay above the 100-level mark, with 155 and 174 deals registered respectively. Spottiswoode Residences also recorded 101 deals in Q2 2016, up 159 percent from the previous quarter.