Friday, October 25, 2013

Pipeline Supply of New Residential Units in Singapore

National Development Minister Khaw Boon Wan has posted the below chart in his Facebook. According to the post 204,461 units of residential property will be ready for occupation in 2014, 2015 and 2016. This is is 3.4% larger than the earlier projection of 197,559:
We are making good progress in our ramp-up of home building programme. The number of new public and private residential units ready for occupation in the next three years is increasing. Our earlier projection (197,559) has been outstripped. The new number now is 204,461. For this year, more than 21,000 residential units have already been built; another 9,220 units will be ready by year end.
Source : Khaw Boon Wan's Facebook Page
According to the graph 65,383 units of private residential properties, 10,435 units of Executive Condominiums and 97,551 units of HDB's will be completed in the next 3 years. Most of the flood is expected in 2016 where 73,628 units of properties will be completed.

It seems like a flood of property supply will come to the Singapore market. The Facebook post followed the news that HDB Resale Price Index (RPI) fell by 0.9 per cent in the third quarter of this year. This was a slightly bigger drop than the flash estimate of 0.7 per cent released earlier this month. The last time resale flat prices dipped was at the start of 2009, when the recession hit. Prices have been on the upward trend since and reached a peak in the second quarter of this year, when prices went up by 0.5 per cent.

Pipeline Supply of New Residential Units in Singapore
Pipeline Supply of New Residential Units in Singapore

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