Condo Launch Singapore: 2011 Future Supply of Residential Properties
In this post on 2011 Future Supply of Residential Properties, we check out the 2011 Future Supply of Residential Properties in the Pipeline.
There is no shortage of new residential properties like condominiums that are available and will be available for future supply. Acording to URA, more land supply will be available for condo and other residential property development in future releases.
New Supply in the Pipeline (from URA source):
As at the end of 3rd Quarter 2010, there was a total supply of 64,358 uncompleted units of private housing from projects in the pipeline.
Of these, 33,771 units were still unsold. [That's right. 52% of units still unsold by developers.]
These comprised 3,248 units that had been launched for sale by developers and 11,382 units which had the pre-requisite conditions for sale and could be launched for sale immediately.
The remaining 19,141 units with planning approvals did not have the pre-requisite conditions for sale.
Of the 64,358 units, 36,796 units were expected to be completed between the 4th Quarter 2010 and 2013, of which 28,047 units were already under construction.
Developers had obtained planning approvals for projects making up the remaining 8,749 units.
URA also released detailed data on supply in the pipeline by market segment, development status and expected year of completion.
This is to enable the public to have a more comprehensive picture of supply coming on-stream over the next few years in the private housing market.
Of the 64,358 uncompleted units of private housing from projects in the pipeline, 20,965 units, 18,220 units and 25,173 units were in CCR, RCR and OCR respectively.
In addition to the supply in the pipeline above, the Government had in May 2010 ramped up the supply of private housing via the Government Land Sales (GLS) Programme for the 2nd Half of 2010 (2H2010) to meet the strong demand for private housing and land for residential developments.
This comprises 18 sites that can potentially yield 8,135 private residential units on the Confirmed List, and 13 sites that can potentially yield another 5,770 private residential units on the Reserve List.
Collectively, the GLS Programme can potentially yield 13,905 private residential units.
This is the highest potential supply quantum from any half yearly GLS Programme since the Confirmed List/Reserve List system started in 2H2001.
It is also over and above the supply of 6,270 units from 16 sites that were earlier sold under the GLS Programme for the 1st Half of 2010 (1H2010).
Most of the sites in the 1H2010 and 2H2010 GLS Programmes are located in OCR or in locations in RCR where more affordable private housing is expected to be built.
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