After four years of ramping up new home construction, Singapore’s residential market has now achieved a better balance between sellers and buyers, revealed National Development Minister Khaw Boon Wan last Friday.
In a blog post, Mr Khaw noted that as the supply and demand of homes rebalances, property prices are adjusting.
“2014 was the first full year which saw home prices in decline. This was a great relief for home buyers. As the decline was moderate, it was also a relief for home sellers and homeowners. A collapse of (the) housing market benefits no one,” he wrote.
Even with the tapering of HDB’s Build-To-Order (BTO) supply, Mr Khaw highlighted that the pipeline supply of new homes for 2014 to 2017 stands at 195,788 units, offering buyers plenty of choices.
Previously, a total of 200,034 units was projected for 2014 to 2017.
Meanwhile, the Ministry of National Development (MND) has released a new chart to track the pipeline supply for 2015 to 2018.
According to the chart, the total supply during this period will hit 182,506 units. Specifically, 101,000 HDB flats, 67,286 private homes and 14,220 executive condos (ECs) will be ready by 2018.
In 2014, there were 51,598 new residential units completed.
“Our current stock is about 1.28m housing units: 960,000 in HDB; 320,000 in private sector. By early 2018, our stock would have grown to 1.43m housing units, an increase of about 11%,” said Mr Khaw.
Source: Ministry of National Development.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
