Home supply to see record surge

Home supply to see record surge

Bedok and nearby areas will be at the epicentre of a record breaking surge in private home completions over the next two years, new analysis shows.

This burst of construction is, in part, the fruit of recent government efforts to cool the red-hot property market with a bumper release of residential sites.

More than 35,000 private non-landed homes are set to be completed in 2013 and 2014 alone, the National Development Ministry said in Parliament recently.

This is far more than the 9,900 units completed in 2010 and the 11,700 homes built last year. Another 12,500 homes are slated for completion this year.

The greatest number of these new homes will be built in an area known as the Bedok planning area, covering neighbourhoods such as Telok Kurau, Siglap, East Coast Road and Jalan Eunos.

Almost 10 per cent of all non-landed homes - about 3,500 units - built in the two-year period will be in this eastern estate, analysis by property consultancy Colliers International showed.

Examples of new projects in the area include Flamingo Valley, Vacanza@East, Suites@East Coast, The Sound and Waterfront Key.

Colliers' director of research and advisory, Ms Chia Siew Chuin, said a majority of the upcoming projects in Bedok are built on redeveloped private land or collective sale sites.

But while Bedok topped the table for both 2013 and 2014, thousands of homes to be built next year will be in other areas such as Geylang and Hougang. The Bukit Timah and Bukit Merah planning areas rank second and third for 2014.

Ms Chia also flagged the Hougang planning area as one expected to see supply surge over the next two years. It ranks third next year and fourth in 2014.

About 1,240 units - or 9.4 per cent - of the 13,231 non-landed private homes expected to be completed next year are in this north-east planning area. Hougang includes areas such as Upper Serangoon, Yio Chu Kang Road and the Kovan area.

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