Chart of the Day: Take a look at the massive supply of new homes that will flood the market in 2015

Over 40,000 new homes will be launched in the next 2 years.

Apart from the government's property cooling measures, local developers also have to contend with a massive supply of new private condominiums that are set to flood the market in coming years.

According to a report by Square Foot Research, a supply of 20,244 homes is in the pipeline in 2015, coupled with another 21,685 homes under construction in 2016.

There are 11,988 homes under construction for 2017. The number of homes under construction will taper off sharply in 2018, with only 4,028 homes under construction along with 10,002 units planned for construction.

"Quick gains will be tough to come by as demand for residential properties falls due to tighter lending rules. Prices are also expected to face downward pressures due to a strong pipeline of newly completed projects entering the secondary market," noted the report.