Unsold private housing stock on the rise ahead of ramp-up in new launches in 2024
SINGAPORE’S inventory of unsold new private homes rose 20 per cent over the last two years and is expected to continue growing in 2024, as more projects come to market.
This could signal bad news for some residential projects that are approaching a critical sales deadline this year or the next – to clear almost all unsold units or stump up a hefty stamp duty payment running into the tens of millions of dollars.
According to latest quarterly data from the Urban Redevelopment Authority, unsold stock comprising unsold units in completed and uncompleted projects grew 20.4 per cent, from 14,333 units in the fourth quarter of 2021 to 17,262 units in Q4 2023.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand