Private residential supply up by 12.5% to resolve unsold inventory
The residential supply under the government programme was up to 3,505 units.
To replenish developers’ landbank, the private residential supply under the government land sales (GLS) programme increased by 12.5% from the first half of 2022 to the second half (H2) of 2022.
This is according to analyst CGS-CIMB’s report which also discussed that the overall residential land supply earmarked under the H2 2022 GLS is at the highest level since the end of 2018.
Aside from replenishing developers’ landbank, the growth in supply will also “extend their development income visibility, while taking into account macro uncertainties, including rising interest rates and slower economic growth outlook.”
According to Singapore Real Estate Exchange data, private and HDB resale prices rose by 0.7% and 1.1%, respectively month-on-month in April 2022.
With this, CGS-CIMB said it retains its expectation that private home prices to soar by up to 5% in 2022.
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