Private housing units to more than double in the next two years

Most units will come from redeveloped en-bloc projects and GLS supply.

The number of private residential units available for sale will more than double for the next one to two years, said Lawrence Wong, Minister for National Development at the Real Estate Developers’ Association of Singapore (REDAS) 58th Anniversary Dinner.

A large portion of housing will come from redevelopment of projects sold en-bloc and supply from Government Land Sales (GLS).

Wong said that the supply will be more than enough to cater to the growing demand for housing.

Despite the expected surge in housing supply, the residential property market continues to experience high vacancies with vacancy rate at 8.4% - a figure that has stayed above 8% for almost two years.

This translates to more than 30 000 vacant private housing units, Wong said.

“To put things in perspective, this is more than the total number of dwelling units in the whole of Bishan today,” he added.

He assured Singaporeans that there is more than enough supply to meet occupational housing demand and urged the public to do careful research before making home purchases.

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