More Supply Of New Condo Singapore
Residential property buyers can expect more supply of new condo Singapore. This was the message from the Government of Singapore in a press release dated 13 January 2011.
Statement from Ministry of National Developement:
Adequate Supply in the Pipeline
14 There is an ample supply of private residential units and buyers need not rush to buy now. The Government will continue to ensure an adequate supply of housing to meet demand.
15 The annual average take-up9 of private residential units between 2007 and 2010 is about 12,700 units. Thus far, the sites awarded under the Government Land Sales (GLS) Programme in 2010 will already yield about 13,300 units. In the GLS Programme for the first half of 2011, we will make available sites that can yield about 14,300 private housing units, of which about 8,100 units will be from sites on the Confirmed List.
16 As at 3Q2010, there were about 64,400 uncompleted units of private housing from projects in the pipeline10. Of these, about 33,800 units were still unsold. This is equivalent to about 3 years of supply based on the average annual take-up over the last 4 years. The 33,800 unsold units in the pipeline comprised 3,300 units that had been launched for sale by developers and 11,400 units which had the pre-requisite conditions for sale11 and could be launched for sale immediately. The remaining 19,100 units with planning approvals did not have the pre-requisite conditions for sale but these could be obtained quickly from the Government12. The Government will also make available more supply in future GLS programmes. Buyers should bear in mind this supply in the pipeline when deciding whether to buy now.
17 The Government will continue to monitor the property market closely and take further steps to promote a stable and sustainable property market if necessary.