The Real Estate Developers’ Association of Singapore (REDAS) announced that it is ready to work and discuss the situation with the Government concerning impending oversupply of private residential homes.
REDAS expects that there will be an approximate 67,000 new units in the market by 2019, this interprets almost 20% of the total current private residential units.
Only 6,500 units were sold within 12 months leading to June 2015. REDAS noted the high supply and low demand of private units may results to property prices seen on a downward spiral.
According to REDAS President Augustine Tan, REDAS consider to work with Government agencies to share constructive inputs and discuss the idea where the market could possibly trending to avoid the hard landing.