Undeterred by cooling demand, Singapore moves to spur private home building

The city state is pushing ahead with plans to sell the most residential land in over a decade as its seeks to tackle a major surge in rents

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Buildings are seen under construction in Singapore earlier this year. Developers have grown more cautious on tackling new projects as the city state’s property market cools. Photo: Bloomberg

Published: 1:36pm, 25 Jun 2024Updated: 1:41pm, 25 Jun 2024

Singapore is moving forward with a plan to release the most private housing supply since 2013 even as interest from developers cools.

The government plans to supply land that will potentially yield 11,110 private residential units this year, the Ministry of National Development said in a statement.

While price momentum is easing, the ministry said it plans to continue to cater to housing demand.

Developers have grown more cautious on tackling new projects as the city state’s property market cools on higher interest rates and lacklustre demand from wealthy foreigners.

A housing site last week attracted no bids from developers, a first in more than 20 years, while earlier this year the government rejected the sole bid for a prime state land parcel judged to be too low.

Apartment blocks in Singapore are seen shrouded by rain. The city state’s government is seeking to tackle a major surge in residential rents. Photo: AFP

For its part, the government is seeking to tackle a major surge in residential rents, which remain near multi-year highs despite easing in recent quarters.

Undeterred by cooling demand, Singapore moves to spur private home building

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}The city state is pushing ahead with plans to sell the most residential land in over a decade as its seeks to tackle a major surge in rents

The city state is pushing ahead with plans to sell the most residential land in over a decade as its seeks to tackle a major surge in rents