Singapore records highest quarterly completion of new residential units in 23 years

There were over 8,500 units completed in Q3, bringing the total stock to 406,000.

According to a report from Savills, Singapore’s private residential property market saw an addition of 8,517 newly completed units in Q3/2023, coming mainly from a few large projects such as Treasure At Tampines (2,203 units), Normanton Park (1,862 units), The Florence Residences (1,410 units), Midwood (564 units), The M (522 units) and Dairy Farm Residences (460 units). 

This highest quarterly completion since Q1/2000 resulted in the island-wide stock of private residential units to increase a further 2.1% QoQ to 406,663 as of Q3/2023. 

“As new supply still significantly outpaced net demand in the reviewed quarter, the overall vacancy rate for private homes increased by 2.1 ppts QoQ to 8.4% in Q3/2023. By market segment, the rise in vacancy rate was witnessed across the board, with the OCR recording the highest increase of 2.7%, followed by the CCR and the RCR at 2.1% and 1.4%, respectively,” the report said.