The private new home sales market could also see about 30 new launch ready projects in 2022, a fall from the 50 projects that were launched this year.
SINGAPORE (EDGEPROP) - According to a market outlook report by OrangeTee & Tie (OTT), the private residential resale market will likely experience constrained supply, while at the same time, robust demand for resale units is likely to continue to prop up prices.
Read also: Private resale market resurgent in 2021: OrangeTee & Tie
“The unsold private housing inventory has dipped to an almost four-year low. The number of new project launches is expected to slide in 2022 as the land supply from the Government Land Sales (GLS) Programme was moderated over the past two years to keep pace with the uncertain economic outlook,” says Christine Sun, senior vice-president of research & analytics at OrangeTee & Tie. (Discover all Singapore new launch condos in 2021)
She expects private resale home prices may climb by 6%–9% in 2022, following an increase of about 6%–7% this year.
The private new home sales market could also see about 30 new launch ready projects in 2022, a fall from the 50 projects that were launched this year. Notable projects are the redeveloped AXA Tower which is being turned into a new mixed-use development, the redevelopment of the former Maxwell House, and the Marina View white site by IOI Properties Group.
Other residential projects that may launch next year include an upcoming Executive Condo project at Tampines Street 62, two leasehold sites at Lentor Central by GuocoLand, and a private housing site at Ang Mo Kio Avenue 1 by a joint venture of UOL Group, Singapore Land, and Kheng Leong Company.
The HDB resale market is expected to end 2021 on a high, with the full year sales figure poised to surpass the number of transactions recorded in 2020 which stands at 24,748 units. (Find HDB flats for rent or sale with our Singapore HDB directory)
“The public housing sector may be looking at another banner year in 2022. Even as the authorities push out more BTO flats to meet the increasing housing needs, the construction sector may struggle to clear the backlog of flat completions,” says Sun.
Resale HDB prices could climb by 10%–12% for the full year 2021, and while prices are expected to increase next year, the growth will likely be at a slower pace of 8%–11% as a result of higher selling prices and price resistance.
Check out the latest listings near AXA Tower, Maxwell House