News

Vacancy rates in Outer West Sydney, West Melbourne, and South Brisbane are rising.

Four new hotels added over 1,000 rooms.

But sales are still 40% lower YoY.In line with the surge in the number of launched units, providing a wider variety of options to homebuyers, Singapore’s new sales expanded 60.0% QoQ to 1,160 units in Q3/2024, according to data from Savills. However, on a YoY basis, it was still 40.4% lower.

Thanks to new Grade A developments.

Analysts expect a holiday surge in the city’s retail sector.

Residential launches more than doubled QoQ to 1,284 units during the quarter.

The city recorded negative demand of -1,346sqm during the quarter.

A majority of this stock is pre-committed.

The decline is due to the removal of high-priced projects that were sold out.

Absorption hit 53,600sqm in Q3.

And there are 12 major projects under construction.

These properties added over 1,500 new rooms to the market.

Rents in the City Fringe are expected to grow by 3-4%.

But analysts say the drop is likely short-lived.

Transactions underperformed the 10-year average of AUD255.4m.

Analysts expect an increased pressure on vacancy rates.