Private housing supply in pipeline continues to shrink in Q3

THE supply of uncompleted private homes in the pipeline continued to fall in the third quarter; the figure eased to 58,348 units as at the end of the third quarter from 61,237 units at end-Q2 2015.

This was shown in Urban Redevelopment Authority (URA) data released on Friday.

The above figures exclude executive condos (ECs), which are a public-private housing hybrid. URA defines pipeline supply as projects that have obtained provisional permission or written permission.

URA data also showed that the pipeline supply for ECs stood at 14,540 units at end-Q3, down slightly from 14,701 units at end-Q2.

For the whole of this year, 18,977 private homes are estimated to be completed, that is, receive Temporary Occupation Permit (TOP), down from the 19,941 units completed last year. The forecast for next year, however, is higher at 22,351 units.

In the EC segment, 3,437 units are slated to receive TOP in 2015, slightly more than the 3,357 units that were completed last year. The number for next year is forecast to rise to 4,798 units.