| Many fear that there will be an oversupply of private | | | | developers could sell uncompleted units or be unable to |
| home in Singapore next year in 2010. However, there | | | | sell the completed properties. |
| could by a situation of shortage. | | | | Based on URA statistics in the boom period of 2007 |
| The Urban Redevelopment Authority's (URA) second | | | | and 2008, many developers are confident that the |
| quarter 2009 real estate statistics showed that the | | | | private homes will be sold quickly. However with the |
| potential oversupply maybe in 2011 or later. This is | | | | Lehman Brothers incident in September 2008, it |
| because many developers delay or even cut down on | | | | triggered the slowdown of the economic. |
| project development. | | | | The incident initially caused much concern that private |
| The number private condominium target for completion | | | | properties would not sell. The developers since then |
| for 2011 has been reduced to about 5400 units. As | | | | slashed some projects and pushed back the |
| compare to 2008, the number of condominium | | | | completion of the private properties. As a result, URA's |
| estimated at 17,000. This is a decreased of 70 per | | | | figure for the total planned units for completion in 2009 |
| cent. | | | | showed a decline of 6000 units. |
| As developers reduced the number of the building, | | | | Although almost all the URA's projected completion |
| property buying has increase back to the previous | | | | statistic had drop gradually in 2008, there are already |
| peak in 2007. For the month of May, June, July, there | | | | signs of bottoming up in 2009. In the third quarter of |
| are more than 1000 private property had been | | | | 2008, it was projects that around 13000 to 1600 units |
| transacted monthly. | | | | will be completed yearly after 2010. |
| With this there may be a possibilities that private | | | | Many project completions had be delayed from 2010 |
| property prices and rents could increase in 2010. Mainly | | | | to 2011. For the first half of the year 2009, about 5200 |
| caused by the supply side. | | | | private property unit have been complete. For |
| The number of completed units could be difference | | | | example, the completion Casa Merah recently had |
| from the number sold, due to caveats issue, as the | | | | continue to pull in the crowd of mass market buyer. |