Singapore’s unsold residential stock hits 16-year low in Q1
A total of 14,087 units remain unsold.
According to data from Savills, there were 47,415 private residential units (excluding executive condominiums (ECs)) in the supply pipeline with planning approvals as at end-Q1/2022, 2.5% higher than the 46,276 recorded in the previous quarter. Of this, around 29.7% (14,087 units) of these units remain unsold.
Since the peak of 36,839 units in Q2/2019, Savills says unsold stock has been in decline and unsold stock of 14,087 units in Q1/2022 is the lowest since the data series was first published in Q3/2006.
Here’s more from Savills:
Although there may be potential supply from the residential land parcels under the GLS Programme, their numbers are not large and with the phasing of their launches, they could be easily absorbed by the market despite the latest recalibrated cooling measures. As such, the prices of private residential properties may continue trending up.
The bulk of the upcoming launches will be from the RCR and OCR, which are often bought by HDB upgraders. Other than the need to sell their flats within six months of buying a new launch, these upgraders are generally less affected by the new ABSD rates than those buying for investment or foreigners.