RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Private homes supply climbed 20% in 1Q18

There will be major launches in Orchard Boulevard, Saint Thomas Walk, and Serangoon North Avenue 1.

Pipeline supply of private residential properties rose 20% to 52,087 in the first quarter of 2018 from 43,054 in the third quarter of 2017 due to successive collective sales of private homes in the last few quarters.

According to the Savills World Research Singapore, 16,816 units (32.3%) of the pipeline supply have been purchased by sale status whilst 35,271 units (67.7%) are still unsold. With this, the unsold stock rose 50% from the third quarter of 2017 to the first quarter of 2018. 

Also read: Cooling measures curbed home prices with ‘some success': S&P Global

“However, despite this substantial unsold stock, the market remains quite optimistic due to the healthy take-up seen in recent new launches,” the research noted.

In May, resale volume for private condo dipped 0.6% from 1,570 units resold in April.

The company added that prospective buyers will look forward to a line-up of new launches by major developers in the coming quarters in order to ride the market upswing.

Some of these projects include the 3 Orchard By-The Park by YTL Westwood Properties with 77 units, 8 Saint Thomas by Bukit Sembawang View with 250 units, and Affinity at Serangoon by Oxley Serangoon with 1,052 units.

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