Chart of the Day: Private home completions to fall to five-year-low in 2019

Only 863 units were added in Q2.

This chart from Savills shows that 8,003 private residential units are scheduled for completion in 2019, 12.17% lower than the 9,112 units completed last year.

This will be the lowest number of completed units in five years.

Only 863 units were added during the second quarter, compared with the 953 recorded in the preceding quarter. Savills attributed the slower pace of new stock entering the market to the lack of completions of sizable projects and the withdrawal of en-bloc projects for redevelopment.

Also read: City Towers sold for $401.9m after four en-bloc attempts

By location, only two major suburban projects received their temporary occupation permits (TOPs) during the second quarter: the 797-unit Botanique at Bartley at Upper Paya Lebar Road and the 710-unit LakeGrande at Jurong Lake Link.

The additional units from these two developments drove the outer central region (OCR) segment stock upwards by 0.8% QoQ to 184,540 units. In contrast, the available stock in the core central region (CCR) shrank by 0.5% QoQ to 81,858 units, a fourth straight quarter of declines, whilst the rest of central region (RCR) also experienced a modest quarterly drop of 0.2% and ended with 105,409 units.
 

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