Property developers are sitting on 11,849 unsold units in private residential projects that have already been released in the market.
As of end-November, developers had a stockpile of 11,849 units in projects that have already begun marketing, based on data compiled by The Business Times using information from the URA.
While some projects have only a few unsold units, 138 launched developments have 10 or more units left unsold. Of these projects, 28 have over 100 unsold units each.
Among the more recently-launched projects include Frasers Centrepoint’s Flamingo Valley, City Developments’ Residences At W Singapore Sentosa Cove and Kheng Leong’s The Minton, all of which were launched in the first half of 2010 when sentiment was buoyant.
However, six projects with over 100 unsold units each have been on the market for no less than three years, including prime developments like Wheelock Properties’ Scotts Square, Allgreen Properties’ The Cascadia, SC Global Developments’ Hilltops, and Keppel Land’s Reflections at Keppel Bay.
The 11,849 unsold units are held by the entire range of both large and small developers and include landed projects, though majority are condo developments.
Market observers said the stockpile could have been accumulated, as real estate developers launch units in large projects in phases.
Those with strong holding power may also delay some units in their developments as part of a bigger marketing strategy, just like what Keppel Land did with its Caribbean At Keppel Bay condominium.
However, the adequate supply of ready-to-buy homes should show potential buyers that there is no need to hurry to buy units in new launches, said an industry veteran.