Chart of the Day: Take a look at the rapidly mounting number of unsold houses in Singapore

49% of new mass market homes are unsold.

Luxury projects are the hardest hit by the country’s property cooling measures, but mass market homes are also suffering from a sales dearth. Unsold inventory is building up for the country’s residential property developers, and real estate firms are grappling with the rising number of empty houses.

According to Barclays, 1260 private condominiums homes were completed in 2013 and 2014 and are still unsold.

Of these unsold units, 64% were from the Core Central Region (CCR), and mostly from the high-end to luxury projects. But though luxury developments are faring worse, mass market unsold inventory also building up.

“However, with developer sales slowing since 3Q13, there was also increasing unsold inventory at the mass market suburban projects. Of the 6,120 units that were uncompleted, launched and unsold as of 2Q14, 49% are from the Outside Central Region (OCR), a proxy for mass market private homes,” stated the report.

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