Developers brace for massive flat glut as condo prices slipped further in Q3

There are 88,627 units in the pipeline.

Prices of private residential properties fell across the board in the third quarter. Data released today by the Urban Redevelopment Authority showed that overall prices slipped by 0.7% in the past quarter, following the 1.0% decline in Q2. This is the fourth straight quarter of price decline.

Cost declines were observed across all segments of the private residential property market. Prices of non-landed properties in the CCR declined by 0.8%, following the 1.5% decrease in the previous quarter.

In the RCR, prices declined by 0.4%, the same rate of decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.3%, compared to the 0.9% decline in the previous quarter. Prices of landed properties declined by 1.8%, more than the decrease of 1.7% in the previous quarter.

Prices are expected to soften further in coming quarters as there are 88,627 uncompleted units in the pipeline. This supply is made up of 14,131 EC units and 74,496 ordinary condos. Of this number, 28,120 units remained unsold as of the third quarter.

Based on expected completion dates reported by developers, 4,336 units, including ECs, will be completed in the last quarter of 2014. Overall, 20,852 units will be completed in 2014.

In 2015, another 23,769 units including ECs are expected to be completed. In comparison, only 14,403 units including ECs were completed in 2013.

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