New Launch Condo - Government increases supply of single-family homes for the whole of 2023
The supply of single-family homes - New Launch Condo, including EC, on the list has been confirmed to increase by 26.2% to 5,160 units in the second half of the year.
The government has pulled its second lever in months to aid its search for a sustainable property market.
New Launch Condos, It announced on Wednesday (June 21) the sixth consecutive increase in the supply of single-family homes on the semi-annual Government Land Sale (GLS) scheme's confirmed listings. This brings the total supply of confirmed private housing units on the list – including executive apartment (EC) units – for 2023 to the highest level in a decade, at 9,250.
The most recent cooling measures went into effect on April 27.
The Ministry of National Development (MND) is increasing the supply of New Launch Condos on confirmed listings to about 5,160 units – including 560 executive condominiums (ECs) – in the second half of this year. This is 26.2% higher than the current supply of 4,090 single-family homes, including 700 ECs, in the current GLS first half of 2023.
BQP also noted that the full-year supply for 2023 is nearly 50% higher than the 2022 supply and about 2.5 times the 2021 supply.
Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield, said: “The sharp increase in housing supply is in response to market demand and stable private housing prices. despite a weaker economic outlook and successive waves of recession. cooling measures.”
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