Future New Condo Supply in Singapore
The Urban Redevelopment Authority (URA) released the real estate statistics for the 1st Quarter 2011 on 25 April 2011. The details of future new condo supply in Singapore is in this post.
In summary, there is a lot of upcoming new condo supply in Singapore in the near future. By 2014, there will be 18,341 units coming on stream. That is more than double the supply for 2011 (8026 units). By 2015, 19,495 units of new condo will be on the property market in Singapore for sale. If population increase does not keep pace with this release of new condo supply, who will buy these new condos? And who will buy the old condos that sellers want to sell in order to buy the new condos?
Future New Condo Supply in Singapore:
Supply in the Pipeline
by URA Singapore
As at the end of 1st Quarter 2011, there was a total supply of 68,887 uncompleted units of private housing from projects in the pipeline.
The pipeline supply of 68,8879 units was the highest level ever recorded since such data was first made available in 1999.
Of the 68,887 units, 34,266 units were still unsold. These comprised 4,179 units that had been launched for sale by developers and 9,799 units which had the pre-requisite conditions for sale and could be launched for sale immediately. The remaining 20,288 units with planning approvals did not have the pre-requisite conditions for sale.
Of the 68,887 units, 30,491 units were expected to be completed between 2nd Quarter 2011 and 2013, of which 25,238 units were already under construction11. Developers had obtained planning approvals for projects making up the remaining 5,253 units.
URA also released detailed data on supply in the pipeline by market segment, development status and expected year of completion.
This is to enable the public to have a more comprehensive picture of supply coming on-stream over the next few years in the private housing market.
Of the 68,887 uncompleted units of private housing from projects in the pipeline, 20,118, 19,235 units and 29,534 units were in CCR, RCR and OCR respectively.
In addition to the supply in the pipeline above, the Government had in Nov 2010 announced the supply of private housing to be made available via the Government Land Sales (GLS) Programme in the 1st Half of 2011 (1H2011) to meet the strong demand for private housing and land for residential developments.
This comprises 17 sites that can potentially yield about 8,100 private residential units on the Confirmed List, and 13 sites that can potentially yield about another 6,200 private residential units on the Reserve List.
Collectively, the GLS Programme can potentially yield about 14,300 units. This is the highest potential supply quantum from any half yearly GLS Programme since the Confirmed List/Reserve List system started in 2H2001.
Most of the sites in the 1H2011 GLS Programmes are located in OCR or locations in RCR where more affordable private housing is expected to be built. The Government will announce the details of the 2H2011 GLS Programme by June 2011.
For more details on future new condo supply in Singapore, visit URA site.