This is above the long-term historical average of 32,400 units in Q1 2007.
Singapore continues to grapple with rising unsold inventory levels which hit 37,800 units (including ECs) by the end of Q1, according to OCBC Investment Research.
The headline figure trends above the long-term historical average of 32,400 units since the first quarter of 2007.
With a bloated supply pipeline, developers may have trouble disposing rising inventory levels. "More launches are expected in the near term to add more pressure on the rising unsold inventory," Desmond Sim, Head of Research, Southeast Asia at CBRE said in a statement.
There are an estimated 51,964 residential units that will be completed from 2018-2022, data from DBS Research show. In 2022, 22,280 units are set to be completed although a majority of the homes will still fall under planning stage.
"We maintain our private residential price growth forecast of -3% to +2% for 2019, but pare our primary transactions volume projection to 8,000-10,000 from 10,000-12,000 as the number of new launches this year may not pan out as aggressively as previously expected," OIR said in a report.
Do you know more about this story? Contact us anonymously through this link.