10000 new private homes for 2011

Property consultancy firm Savills is expecting 10,000 new homes to be launched in the second half of the year, according to the company’s latest report.

The projects will primarily come from the Government Land Sales (GLS) programme, with most of the homes aimed at the mass market segment.

Savills noted that this year’s supply of new private homes will surpass 2010’s 18,000 new homes, according to The Straits Times.

The Urban Redevelopment Authority (URA) announced that over 53,000 new homes will be available in the market in the coming years.

Given the average annual take-up rate of approximately 12,000 new homes, Alan Cheong, Savills’ Head of Research, said it could take up to five years before the market can fully take in the unsold homes.

Data from Savills showed that 17 percent of the homes will be located along the city borders such as Bendermeer and Thompson, while suburban districts, such as Bishan, Tampines and Upper Serangoon, will get 70 percent of the new homes. It is known that these are predominantly GLS sites.

The remaining 12 percent, which primarily come from private land sales, will be located in city centres like Holland, Newton and Orchard Road.

Source : PropertyGuru – 7 Jul 2011

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