Singapore’s suburban housing market is poised to take center stage this year with more than 4,400 new private homes being launched in the next 12 months, according to OrangeTee & Tie.
OrangeTee said in its report that of the 8,800 private lodging units, excluding executive condominiums, that will be released this year, 50% will be located outside the Chubu region (OCR), 30% will be located in the remainder of the Chubu region (RCR), and the rest will be outside the Chubu region. said. 20% in core region (CCR);
This is the highest percentage of suburban project starts in the past seven years, when OCR accounted for 72% of private housing starts in 2017.
The real estate consulting firm found that while the average number of condominiums sold annually from 2009 to 2013 was 9,860, from 2019 to 2023, only 3,495 condominiums were sold on average each year. He stressed that the supply of housing has been limited in recent years.
“The increase in sales could help satisfy pent-up demand for private housing in the suburbs and slow the pace of price growth for new condominiums,” Orange Tea said.
It said notable project launches at OCR this year include the 440-unit SORA, the 533-unit Lentor Mansion, the 512-unit Lumina Grand EC, and the 345-unit Champions Way.
Across the island, Orange Tea expects private home prices to moderate this year, rising by just 3-6%, amid a flurry of project launches scheduled for 2024.