Professionals, managers, engineers and technicians (PMETs) in Singapore expect more private housing options, said Dr Chua Yang Liang, Research Head at Jones Lang LaSalle in a recent workshop.
This group of buyers are “more well-read, well-travelled and more discerning consumers”, he noted.
Meanwhile, the government’s Population White Paper revealed that PMETs are expected to account for two-thirds of the country’s workforce by 2030. As such, the greater demand for more private housing types could pressure developers into building such homes.
These could include cluster homes (landed properties with shared facilities), along with different housing designs and more lifestyle concepts.
Although public housing in Singapore is already “quite varied”, its definition might change to cater to the needs of the younger generation, explained Dr Chua.
He said that Singapore should also adopt a “pro-population economic-growth strategy” given the low fertility rate, adding that “with low population growth, housing stock growth could exceed population needs”.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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