Report: Up To 29 New Launches and 14,200 Units will be offeredAccording to a report from List Sotheby’s International Realty, Singapore, between the second and fourth quarters of this year, approximately 14,200 new units will be supplied by the large number of residential projects could be launched (up to 29 private residential projects). It means that the housing market is at the concern and overheating.
At the Core Central Region, there are six sites including 403 units to sell , 7,327 units is the number that 13 sites in the Rest of Central Region want to sell, while 10 sites in the Outside Central Region could supply 6,460 units. While the volume may seem high, List Sotheby’s believes it is not excessive.After the sub-prime crisis in 2008, during the three years of recovery (2009 to 2011), developers launched an average of 15,400 units per year. Besides that, the unsold inventory under construction (launched and unsold, unlaunched projects with planning approvals) held by developers stood at around 35,000 units, based on Urban Redevelopment Authority statistics.
Moreover, in the near future, the current en bloc frenzy is expected to slow down and as most of the developers have already built up a substantial land bank. “As the rate of acquiring sites slows down, it will allow time for developers to recalibrate the estimated supply by phasing the launches,” it noted. The report added that low interest rates and liquidity will make the demand will be increased continuously. “With the cooling measures still in place, end-users who form the underlying demand and investors holding a longer-term view of the market will make up the total demand.”
Many developments will be launched this year. That is the good signal for the real estate market. One of the noticeable new launch project is Riverfront Resident @ Hougang. Riverfront Resident is the newest condo development developed by Oxley-Lian Beng Pte Ltd. This development is located at Hougang Ave 7, District 19, Singapore with many amenities nearby. Please take a look at Location to know more about this ideal location and kindly contact us if you have any concern.
Adapted by PropertyGuru, May 2, 2018