These were the major residential projects completed recently in Singapore

Nearly 400,000 private homes were available in Singapore as of Q1.

A Savills report revealed that as of end March 2023, there were 394,062 available private homes in Singapore, an increase of 0.7% from the 391,198 units three months ago. 

The major projects completed in the reviewed quarter are mostly located in the RCR. These include projects such as Avenue South Residence at Silat Avenue (988 units), Kent Ridge Hill Residences on South Buona Vista Road (548 units), Riviere on Jiak Kim Street (455 units) and Mayfair Gardens on Rifle Range Road (additional 215 units). 

Here’s more from Savills:

In line with a slowdown in the leasing market, the net take-up of private homes in the reviewed quarter shrank significantly and lagged new completions during the period. This led the number of island-wide vacant private residential properties to climb 9.1% QoQ to 23,624 units. The overall vacancy rate rose 0.5 of a percentage point (ppt) on a quarterly basis to 6.0%. 

By market segment, the rise in vacancy was seen in both the CCR and the RCR. The RCR recorded the greatest rise of 1.3 ppts QoQ to 9.2%, as the substantial number of new completions over the past few quarters continued to exert pressure on vacancy. 

For the CCR, the net absorption of private homes shrank by 266 units. Consequently, the vacancy rate went up by 0.8 of a ppt to 7.7%, reversing the decrease for the past five consecutive quarters. Waning leasing demand against surging rents in this micromarket was the main reason behind the rise in vacancy. In contrast, the vacancy rate in the OCR posted a quarterly decline of 0.3 of a ppt to 3.3%, the lowest since Q1/2014 when the time series began.