Four years of hard work, ramping up new home construction, is seeing results. As flats and apartments take 3 or 4 years to build, we are enjoying the harvests of the hard labour.
As supply-demand rebalances, property prices are adjusting. 2014 was the first full year which saw home prices in decline. This was a great relief for home buyers. As the decline was moderate, it was also a relief for home sellers and home owners. A collapse of housing market benefits no one.
As projects’ completion dates vary, we put up a chart last year to track the pipeline supply of new homes for 2014-2017. A total of 200,034 units were projected. With the tapering of HDB’s BTO supply, the new figure stands at 195,788. Home buyers have plenty of choices.
As we move into 2015, we are updating the chart to show the pipeline supply for 2015-2018.
Our current stock is about 1.28m housing units: 960,000 in HDB; 320,000 in private sector. By early 2018, our stock would have grown to 1.43m housing units, an increase of about 11%.
Our residential market has achieved a better balance between sellers and buyers.
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