SINGAPORE: Private and public housing markets saw a buoyant year in 2021, with prices reaching new peaks and annual sales hitting their highest in several years.has changed the industry’s previously sanguine outlook for 2022.
Fewer units from new launches are also expected in 2022, after land supply from the Government Land Sales Programme was moderated over the past two years to keep pace with the uncertain economic outlook, said Christine Sun, OrangeTee & Tie’s senior vice president of research & analytics. Demand may be spurred by the fact that those buying new ECs do not have to pay any upfront Additional Buyer’s Stamp Duty , which are rates that were further raised in the latest round of cooling measures.
Construction delays may also remain, pushing those who need immediate housing to rent in the meantime. Those who cannot afford to buy a home or who want to wait for a potential price correction in the market may also rent, she said. “It is primarily the supply chain disruptions that caused delays and shortages, which led to delays in completions, which led buyers in more urgent need of flats to buy from the resale market. The measures didn’t address that,” said Mr Mak.
Huttons’ Mr Lee noted that a possible upcoming PLH site could be the plot where Keppel Club stands in the Greater Southern Waterfront.