An estimated 18,400 homes are set to be built this year, easily eclipsing the previous high of 14,600 units built in 1997, Urban Redevelopment Authority (URA) data out yesterday showed.
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Here is an excerpt from the press release by URA:
Supply in the Pipeline
As at the end of 1st Quarter 2013, the total supply of uncompleted private residential units in the pipeline has hit 88,6233, higher than the 86,475 units in 4th Quarter 20124. Of this, 35,564 units remained unsold as at 1st Quarter 2013.
There is an additional supply of 11,938 EC units in the pipeline. The cumulative figure of 100,561 units in the pipeline supply is the highest recorded since data was first made available in 2001.
In addition, another 9,920 units will soon be added to the pipeline supply. These units are from Government Land Sales (GLS) sites that had been awarded to developers, but for which planning approvals have not yet been obtained as of 1st Quarter 2013, as well as from Confirmed List sites from the 1H2013 GLS Programme that have not yet been awarded.
If these units are included, there will be close to 110,481 private housing and EC units in the overall pipeline supply, many of which are expected to be completed in the next 3 to 4 years.
Based on the expected completion dates reported by developers, there will be 18,400 units completed in 2013, which is the highest number recorded since the 14,600 completions in 1997.
Stock and Vacancy
The stock of completed private residential units increased by 2,204 units in 1st Quarter 2013. The vacancy rate of completed private residential units decreased from 5.4% at the end of 4th Quarter 2012 to 5.2% at the end of 1st Quarter 2013.