SINGAPORE – Future homes from government land sale sites and collective sales could nearly double the number of private residential units in the pipeline, according to Urban Redevelopment Authority (URA) figures released on Friday (Oct 27).
This potential supply of around 16,700 units – including executive condominiums – would add to the 17,178 units that have already obtained planning approval and have not yet been sold.
URA noted in its report on third-quarter real estate statistics: “As en-bloc sales of existing sites have been very active over the past one to two years, the redevelopment of these en-bloc sites will add a significant number of housing units to the existing supply pipeline.”
The apartments yielded from recent land sales and collective sales could hit the market within the next one to two years, and would be completed from 2021 onwards, URA added.
In all, there are an upcoming 42,276 apartments, inclusive of executive condominiums, as at the end of September – most of which have already found buyers.
About two-fifths of the homes now in the pipeline should be completed by 2018.
Even excluding executive condominiums, 35,022 uncompleted private homes are on their way.
These impending completions will come on the heels of an increase in the stock of finished private homes.
There were 3,974 units added in the third quarter, not counting executive condominiums – slightly more than the 3,806 completed units the quarter before.
The vacancy rate islandwide in the private residential market has also climbed to 8.4 per cent, compared with 8.1 per cent in the second quarter.