Private residential property stock nearly hit 370,000 units in 2018

Big projects like Kingsford Waterbay and North Park Residences received their TOPs in Q4.

The island-wide stock of private residential properties in Singapore hit 369,991 units with the completion of over 4,000 units in Q4, according to Savills Research.

A number of big projects received their Temporary Occupation Permits (TOPs) in Q4 including Kingsford Waterbay (1,165 units), North Park Residences (920 units), The Poiz Residences (731 units), Principal Garden (663 units) and Symphony Suites (660 units). A TOP means that homeowners can temporarily occupy a building.

Also read: Landed home sales fell 5.8% to 1,780 in 2018

A total of 9,112 private residential units received their TOPs in 2018. Overall, new residential property completions in 2019 and 2020 should moderate compared to the supply influx of 2018 with around 8,926 private homes and 4,332 units set to be completed over the next two years.

“Coupled with the withdrawal of housing stock from en-bloc sites, little risk of physical oversupply for completed private homes appears likely for the next two years,” Alan Cheong of Savills Research said in a report.

Heated take-up rates met the influx of residential supply as vacancy rates tightened for the fifth straight quarter to 6.4% by end-2018 which translates to 23,596 vacant units. On a quarter-on-quarter basis, the vacant stock of landed houses and non-landed units fell by 9.0% and 5.5% respectively in Q4.

Also read: Condo purchases by foreign buyers crashed 20.9% to 1,212 units in 2018

In the first quarter of 2019, leasing activity gained momentum after a seasonal year-end slump as overseas nations in the TMT sectors buoyed demands. “In 2019, as many overseas workers from the Technology, Media and Telecommunication sector are making a beeline for Singapore, expect rental demand to be stronger than expected,” added Cheong.

Cheong adds that thriving activity in the TMT sector has more than offset the decline in traditional sectors like manufacturing, banking and financial services.

Photo from Kingsford Waterbay

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