Chart of the Day: Take a look at the country’s surging private home vacancy rate

There is a total of 297,998 vacant private homes island-wide.

Newly-completed private homes remain cold and empty across the island, as developers struggle to move inventory while stingy customers continue shy away from domestic real estate investment.

According to a report by Savills, there were 297,998 available private homes across the island, an increase of 1.6% from the 293,283 units at the end of March.

“Despite the strong leasing demand in Q2/2014, the vacancy rate of private residential units climbed to 7.1% from 6.6% in the previous quarter. This reflected a total of 21,268 vacant private homes island-wide, a significant jump of 10.3% QoQ from 19,284 units in Q1/2014,” noted the report.

Here’s more from Savills:
The major projects completed in the reviewed quarter are mostly located in the suburban areas, such as The Lakefront Residences on Lakeside Drive (629 units), Foresque Residences on Petir Road (496 units), Waterfront Gold on Bedok Reservoir Road (361 units) and The Greenwich on Seletar Road (319 units).

The central areas saw the completion of Silversea on Marine Parade Road (383 units), Sophia Residences on Sophia Road (272 units) and Cyan on Keng Chin Road (278 units).

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