SINGAPORE - Vacancy rates of completed private residential units shot up to 7.8 per cent at the end of last year, a rise from 7.1 per cent at the end of the third quarter.
As at Dec 31, 24,062 private homes were vacant, an increase of 2,493 units from the preceding quarter.This vacancy rate is even higher than expected, as experts had forecast vacancy rates to hit 7.5 per cent only next year.
As at Dec 31, there was a total supply of 68,960 uncompleted private homes in the pipeline, lower than 74,496 units in the third quarter.
Of this number, 26,742 units remained unsold as at the fourth quarter.
Including the supply of 14,220 executive condominiums (ECs) in the pipeline, there were 83,180 units in the pipeline. Out of this, 24,796 units, including ECs, are expected to be completed this year.
Another 25,717 units are expected to be completed next year.