Singapore private residential vacant stock grows by 18.8% in Q3

The Rest of Central Region saw the largest QoQ growth.

According to a Savills report, the completion of private residential properties (excluding ECs) in Singapore accelerated in the third quarter of 2024, with 3,253 units obtaining their Temporary Occupation Permits (TOPs). 

Most of this new supply came from several large projects in both the CCR and RCR, including One Pearl Bank (774 units), Forett At Bukit Timah (633 units), One Holland Village Residences (551 units), The Reef At King’s Dock (429 units) and The Avenir (376 units). 

Here’s more from Savills:

The island-wide stock of completed private residential units increased slightly by 0.6% QoQ, reaching 414,671 units by Q3/2024. On the other hand, the vacant stock grew at a faster pace, rising by 18.8% QoQ (or 4,720 units) during the same period. 

Due to substantial completions in the reviewed quarter, the RCR experienced the largest QoQ growth in vacant stock at 41.3%, followed by the CCR at 21.2% and the OCR at 0.8%.

This led to a quarterly increase of 1.1 percentage points (ppts) in the island-wide vacancy rate, which rose from 6.1% in Q2/2024 to 7.2% in Q3/2024, reversing the declines observed in the previous three quarters.