Source : Channel NewsAsia - 2 Feb 2009
Property consultancy firm DTZ Research said it will take 5.5 years to clear the inventory of unsold private residential units in Singapore as at the end of 2008. There are now 44,661 unsold private residential units.
DTZ said based on a 10-year average take-up rate of 8,000 units, selling them all will take more than five years.
In its latest report, DTZ said last year’s unsold inventory was much lower compared with those of previous recessions in 1997 and 2001.
But it pointed out that the current downturn could have a more pronounced impact on demand due to rising unemployment and tight credit controls.
DTZ believes the take-up rate will remain low this year at between 5,000 and 6,000 units.
It is also predicting that the projected completion supply of private residential units is likely to be reduced further as only 53 per cent are under construction.
However, DTZ noted that recent measures unveiled by the government in the Budget would give developers more flexibility in spreading out their construction plans.
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