Among the unsold units, 19,415 units (56 percent) were from projects that were either launched or not launched yet. The remaining 15,409 units (44 percent) were not launched as these projects did not have the prerequisites for sale,” according to a new report.
The number of unsold private residential units in the pipeline here almost doubled from 18,891 units at the end of 2017 to 34,467 units by 31 December 2018, revealed a recent report from List Sotheby’s International Realty, Singapore.
According to a new report from the property agency, the significant increase occurred as the Strata Titles Board gave its nod to more collective sales.
More: New Private Home Sales Expected To Slump By 20% In 2019: DBS
“Among the unsold units, 19,415 units (56 percent) were from projects that were either launched or not launched yet. The remaining 15,409 units (44 percent) were not launched as these projects did not have the prerequisites for sale,” said the report.
Moreover, the 34,467 unsold units are part of 51,498 units with planning approvals. These included developments that received some approval from the authorities during the last quarter of 2018, such as those located in Holland Road (559 units), Hillview Rise (564 units), Sunset Way (648 units), Sengkang Central (682 units) and Silat Avenue (1,101 units).
Also included are the upcoming 1,468-unit Parc Clematis condo (former Park West Condo) and the future 2,203-unit Treasure At Tampines (previously Tampines Court).
Meanwhile, the report said that Singapore’s private housing market is in the beginning of a new market cycle.
“With six months of understanding how the new measures work, the residential market is ready to start a new cycle. While the measures have put a dampener on the sharp V-shaped upturn in home prices that lasted from Q3 2017 to Q2 2018, they are aimed at creating a gentler U-shaped upturn that benefits all parties in the longer run.”
“We expect the growth of home prices to hover between -2.0 percent and 2.0 percent in 2019. Demand for new homes is likely to remain around 9,000 to 10,000 units, dominated by sales from mega-projects located in RCR,” it noted.
Can you afford a condo in Singapore? Check your affordability now. Get more details on the property market outlook for 2019
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
