Together with the improved buyer opinion over the recent years, unsold home inventory in Singapore dropped to a seven-year reduced at 16,031 units throughout the next quarter of 2017, reported Singapore Business Review mentioning Jefferies Singapore Limited.
Complete trade volume, on the other hand, climbed 54 percent year-on-year from the first ten weeks of 2017. In reality, annual resale volumes have attained 2012 levels, while chief home sale volumes are predicted to grab this season. The rental market, however, remains weak, ” said Jefferies.
It noted that although vacancy rates dropped from the Q2 2016 summit of 8.9 percent, it remained relatively high in 8.4 % in Q3 2017 in comparison with Q1 2013’s 5.2 percent and the average speed of approximately 6.5 percent over the last ten years.
2018 anticipates many launches that includes En bloc sales completed during year 2016/2017. The mentioned land plots are said to launch in the first half of 2018, that is The Tapestry by CDL, Rivercove Residences by Hoi Hup, Daintree Residence by S P setia. And side note to take note, The Tapestry price list will be released after CNY 2018.
Especially, over 30,000 private homes were vacant in Q3 2017, together with rents staying unchanged in the previous quarter.
Jefferies anticipates the redevelopment of en bloc websites and also the supply from GLS websites to possibly add another 20,000 new private homes.
These will raise the amount of unsold units now in the pipeline by over twice in the next a couple of decades.
For the first half of 2018, Jefferies anticipates the home units to remain in precisely the exact same level as in the next half of 2017.