Singapore private residential stock up 0.4% to 412,002 units in Q2

There were 1,882 newly completed units during the quarter.

After a quiet Q1, a total of 1,882 newly completed private residential units (excluding executive condominiums) entered the market during the April-June period of 2024, according to data from Savills. 

Three 99-year leasehold condominium projects developed on government land sales (GLS) sites—namely, Clavon at Clementi Avenue 1 (640 units), Midtown Bay on Beach Road (219 units), and One-North Eden at Slim Barracks Rise (165 units) — constituted 54.4% of the quarter’s new completions. 

Here’s more from Savills:

By market segment, the CCR accounted for the highest proportion of the new stock (50.1%) in the quarter. For the CCR, aside from Midtown Bay, other major completions include Hyll On Holland (319 units) and The Atelier at Makeway Avenue (120 units). 

With these completions, the island-wide stock of private residential units increased by 0.4% QoQ to 412,002 as of Q2/2024, reversing the contraction observed a quarter ago. Of the total completed stock, 25,169 units were vacant, down 9.2% from the previous quarter. 

Supported by increasing leasing activity and more owners moving into their newly completed homes, the net demand of island-wide private residential units has significantly outpaced the corresponding net supply for the reviewed quarter. 

Consequently, the overall vacancy rate for private homes fell by 0.7 of a percentage point QoQ to 6.1% at the end of Q2/2024. By locality, the vacancy rate in the OCR dropped the most, by 1.1% QoQ, followed by the RCR, which saw a 0.8% QoQ decrease. In contrast, the CCR recorded a 0.4% QoQ increase in the vacancy rate, mainly due to a substantial number of completions during the quarter.