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REDAS: More empty private homes

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A soaring number of vacant private homes looks inevitable as supply increases and tougher mortgage curbs lessen demand.

At a seminar held by the Real Estate Developers’ Association of Singapore (REDAS) on 14 July, REDAS’ president Mr Augustine Tan noted the upcoming supply of over 89,000 private homes between 2015 and 2019.

He said, "This looming supply is likely to bring home vacancy rate to a new record high, causing a further slip in home rentals and a downward spiralling of property prices".

According to official figures, Singapore’s private residential prices have declined in six continuous quarters and flash estimates predict another fall in the upcoming seventh quarter. Fewer units have also been put up for sale by developers, with just 7,316 units launched in 2014 compared to 14,948 units in 2013.

Taken from iProperty

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Guest Sunday, 21 July 2019