These were the major residential projects recently completed in Singapore

One project adds nearly 1,500 units to the market.

In Q2/2023, 4,401 private residential units received their Temporary Occupation Permits (TOP), Savills reveals in a report. This comprised 4,297 non-landed units and 104 landed units. Following the 4,423 units that received their TOP in Q4 last year, this is the second highest completion number in a quarter after the pandemic ended. 

According to Savills, major new completions include Riverfront Residences (1,472 units), Affinity At Serangoon (1,052 units) and The Woodleigh Residences (667 units). These big projects were in OCR and RCR.

Here’s more from Savills:

By the end of Q2/2023, the island-wide stock of private residential units rose 1.1% QoQ to 398,289 units, while the overall vacancy rate for such properties increased for the second straight quarter by 0.3 of a ppt to 6.3%. The rise in vacancy rate was caused by a 0.4% increase in the non-landed homes segment. In contrast, the vacancy of landed homes remained unchanged in the quarter.

Due to the large number of completed units in Q2, the vacancy rate of private residential properties in the OCR rose 1.3 ppts QoQ to 4.6%, reversing the declines for the past two quarters. The high-end market segment or the CCR also experienced a QoQ increase in vacancy, albeit at a much smaller rate of 0.2%. 

On the other hand, vacancy rate of private homes in the RCR registered a quarterly decline in the quarter by 1.3 ppts to 7.9% in Q2/2023. This could be attributed to the relatively lower number of completions and better take-up in the quarter.