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SG More than 200,000 new homes by 2016

Property Here - Monday, October 28, 2013

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With more private homes and executive condominiums (ECs) expected to be built over the next three years, the total number of units due by 2016 has increased to 204,461 from the previous forecast of 197,559, revealed National Development Minister Khaw Boon Wan. 

“We are making good progress in our ramp-up of the home-building programme,” said Mr Khaw in a Facebook post. But the number of HDB flats expected to be ready by 2016 remains the same. 

So far, 9,519 private homes have been completed, 6,305 units are scheduled to come on-stream before January 2014, and another 4,884 units are expected to be finished over the next three years. 

On the other hand, 1,253 ECs have been constructed, an additional 406 units will be ready by 31 December and another 1,355 units are due in the next three years. However, the majority of units will likely be delivered in 2016 due to possible delays, market watchers noted. 

Meanwhile, prices of private homes in Q3 increased by 0.4 percent due to a 2.2 percent growth in the suburban region, data from the Urban Redevelopment Authority (URA) showed.

The hike offset a 0.3 percent drop in city centre prices and a 1.1 percent fall in the city-fringe. Notably, this is the first time that city-fringe prices have declined since Q1 2012.  

Resale volumes also plunged by 35 percent to 1,340 units in Q3, while the sales volume of new homes plummeted by 46 percent to 2,430 units.