Supply
Over 10,000 residential units are expected to complete in 2009. Construction starts since 2005 have exceeded the 10,000 mark per annum and reached a 10-year high of 14,000 in 2008 (Figure 22). Inevitably, these units are likely to complete in the next few years. Based on our estimates, units scheduled for completion in 2010 could rise to 11,000 and 14,000 in 2011.
With the supply pipeline, we expect prices and rentals to continue to fall unless there is a strong pickup in demolition or the economy picks up strongly and we see an increased influx of foreigners. Total number of unsold units surged over 40% in 3 quarters to over 18,000, similar levels to 2001. The number of units not launched but that have obtained housing developer licence and building approval shot to a record high of over 14,000
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14.1%: how much prices of private residential properties fell in 2009Q1, worse than the flash estimate of 13.8% at the beginning of the month (was 6.1% decline in 2008Q4).
8.5%: how much rentals of private residential properties fell in 2009Q1 (was 5.3% decline in 2008Q4).
64152: number of uncompleted units from projects in the pipeline (was 64982 in 2008Q4).
2108: number of uncompleted units launched in 2009Q1 (was 706 in 2008Q4).
2552: number of uncompleted units sold by developers in 2009Q1 (was 407 in 2008Q4).
9.0%: percentage of subsales among all sale transactions in 2009Q1 (was 12.8% in 2008Q4).
2230: number of units TOPed in 2009Q1 (was 2651 in 2008Q4)
5.9%: vacancy rate of TOPed units in 2009Q1 (was 6.1% in 2008Q4)
The full report can be found at: http://www.ura.gov.sg/pr/text/2009/pr09-17.html