A record supply of new homes will come on-stream into Singapore’s property market, with over 100,000 private housing units in the pipeline, said the Urban Redevelopment Authority (URA).
AsiaOne reported that the upcoming residential supply will comprise 83,975 private homes, 9,824 executive condominiums (ECs) and 10,070 units from government land sites, either sold or slated for sale.
The total is the highest ever since such data began to be tracked in 2001. Many units will be ready in three to four years, said the URA, adding that 35,000 units will be ready in 2013/2014.
Meanwhile, the Housing and Development Board (HDB) will roll out 6,400 Build-to-Order (BTO) flats in Bedok, Queenstown, Choa Chu Kang, Toa Payoh and Sengkang this month.
This new supply will complete the record 27,000 units announced by the HDB.
But while supply is reaching record levels, prices of private and resale HDB flats still went up last quarter.
In fact, private home prices inched up by 0.6 percent in Q3, based on URA’s data. Several bungalows also changed hands recently at very high prices.
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