Residential

Small- to mid-sized units dominate the city’s rental market.

Over 18,000 new homes are slated for completion in 2023.

Occupancy rates are high but are still short of pre-Covid levels.

Developers may be forced to offer deeper discounts to boost sales.

Overall sales only hit S$5.6b in 2022.

Average rents declined 2.9% to JPY 3,933 per sqm.

It’s a huge drop from 2021’s nearly S$4b worth of transactions.

Estimates show there were only 45,000 transactions for the whole year.

Home prices inched up 0.2% in Q4 2022. 

It was a steeper decline compared to the 1.9% drop the previous month.

Sales were particularly slow in the Outside Central Region (OCR) with just 38 units sold.

These projects consist of almost 3,500 units.

Supply remains tight across the city.

It’s expected to hit USD3,498 per sqm.

Over 1,500 units were already completed so far this year.

Eastern Suburbs I accounted for 31.5% of the launches.