EC unit supply sharply slashed by 67.8% on back of rising vacancy rate

Only one EC site was launched for 1H15.

The government had slashed the supply of executive condominium units on the confirmed list of the 1H2015 Government Land Sales Programme.

Only one site that can yield 490 EC units was released in the confirmed list. According to Colliers, this represents a 67.8% decline from what was available in the previous six months.

The sharp reduction can be blamed on the lengthened sales period and increasing vacancy rate seen in the newly completed EC projects in the recent months.

“The significant reduction in the supply of EC units reflects that the Government could have, perhaps, recognised that much of the housing demand arising from organic population growth and family formations has been and is likely to continue to be addressed by HDB’s release of BTO flats,” noted Colliers.

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