On 7 Jun 2022, the Government raised the private housing supply by 26%, yielding about 3,505 private residential units, up from 2,785 units form the first half of the year. This came at the time when the unsold stock of housing units were at an low of 14,362 units in Q12022, declining from a high of 37,799 units in Q12019. Moreover, construction cost is projected to increase, demand from returning foreigners, and household's net worth growing, property prices would continue the trend.

References:

• Deep-dive on the battle for upcoming GLS sites: Dunman Road & Pine Grove

• Government releases 14 sites under 2H2022 GLS programme

• Government raises confirmed private housing supply by 26%, to launch first sale site in Marina South

• Record-high commodity prices in construction sector to persist: Linesight

• Singapore households net worth grows as residential asset values climb

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