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New Stock Arriving in the Singapore Residential Market

Some analysts have argued that the Singapore residential market will see a correction in 2014/2015 due to the large amount of stock expected to complete over that period. In our opinion, which is based on three fundamental drivers, the residential market will not contract as a result of this growth. First, historically the Singapore residential market has seen hardly any correction based on stock level alone. Second, the growth in population over the past few years has outpaced that in physical housing stock, suggesting that the residual demand backlog is likely to help keep prices steady. Finally, immigration is unlikely to stop, as articulated by Prime Minister Lee in his National Day Rally speech. . Demand for housing is therefore likely to remain fairly stable and support the injection of new stock over the next few years. Undoubtedly, the current increase in global economic uncertainty is likely to dampen sentiment here, resulting in short-term fluctuations in demand and prices but, overall, the mid- to longer-term outlook remains stable on the back of these fundamentals.

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