Tag Archives: Uncompleted Private Residential Properties

Singapore’s housing market still struggling

Singapore’s residential property market remains weak, with home prices falling 3.62 percent during the year to Q3 2015, revealed a survey by Global Property Guide.

This is the eighth consecutive quarter of price falls in the city-state. House prices fell 1.06 percent on quarter in Q3.

At the same time, demand and supply continues to slide. According to the Urban Redevelopment Authority (URA), the number of private residential units sold fell 3.7 percent to 5,599 units in the first three quarters of 2015 from a year ago.

The number of uncompleted private units launched also fell around 6.2 percent to 5,723 units over the same period.

Hong Kong has the highest housing price rises in Asia and is the third strongest global housing market, the report noted.

Residential property prices on the island surged 12.64 percent during the year to Q3 2015, up sharply from the 1.76 percent year-on-year increase during the previous year to Q3 2014. Housing prices rose 1.12 percent quarter-on-quarter during the latest quarter.

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27,000 uncompleted private homes unsold

Recent data from Singapore’s Urban Redevelopment Authority (URA) shows that 21,319 residential units are expected to be completed over the next three quarters of this year while another 25,769 units are set to be completed in 2016, media reports said.

The figure which includes executive condominiums (ECs), is on top of the 23,298 units completed last year.

After 2016, URA expects the number of completions to moderate to 16,186 units by 2017 and 15,642 units by 2018.

URA also revealed that the number of uncompleted private units in the pipeline (excluding ECs) stood at 68,201 units as at end-Q1 2015, down from 68,960 units in the quarter before.

Of this, 27,061 homes are still unsold as at Q1. This is 1.2 percent up from 26,742 units in the previous quarter.

Including the 15,441 ECs, the total supply in the pipeline stands at 83,642 units.

Pipeline supply Source : URA