REDAS to work with Government to address oversupply of private homes

With an impending oversupply of private residential homes, the Real Estate Developers’ Association of Singapore (REDAS) has said it is ready to work with the Government to address the situation. REDAS estimates that there will be 67,000 new units by 2019, excluding executive condominiums.

This represents 20 per cent of the total number of private residential units currently.

Only 6,500 homes were sold during the 12 months leading to June this year. REDAS said the high supply and low demand of private homes could lead to a downward spiral of property prices.

REDAS President Augustine Tan said: “We intend to engage the Government agencies to give our constructive inputs and to explain where we think the market could be trending, and that we want to avoid the hard landing.”

Source : Channel NewsAsia – 16 Sep 2015