More new private homes were launched and sold in the second quarter, compared with the preceding quarter. Of the 2,374 uncompleted units launched, excluding executive condominiums (ECs), developers sold 2,127.
This is substantially higher than the 1,312 units launched and 1,256 units sold in the first quarter.
There were 2,976 transactions in the second quarter, compared with 2,622 transactions in the preceding quarter. Subsales accounted for about 5.3 per cent of all transactions, down from 5.9 per cent in the first quarter.
RISE IN RENTS SLOWING
Rentals of private residential properties increased by 2.8 per cent in the second quarter, lower than the 7.2 per cent increase in the previous quarter.
Non-landed property rents went up by 2.3 per cent, while rents for landed properties increased 6.7 per cent in the second quarter – both slowing from the preceding quarter.
Rental momentum has eased across all market segments, said URA, with rentals rising at a slower pace in all regions.
PRIVATE HOUSING SUPPLY
A total of 4,401 private residential units, including ECs, were completed in the second quarter, more than the 3,785 units completed in the preceding quarter.
The number of units completed in the second quarter was about 83 per cent more than the average of around 2,400 units completed per quarter in 2022.
Projects completed in the last quarter include Riverfront Residences with 1,472 units, Affinity At Serangoon, which has 1,052 units, and The Woodleigh Residences, adding 667 units.
Based on the expected completion dates reported by developers, 12,306 units will be completed in the second half of 2023 and about 40,200 units are expected to be completed between 2023 and 2025.