A substantial ramp-up in the supply of housing in the coming year may help ease the rental pressures of private property felt this year, according to a recent report.
Ms Christine Sun, Senior Vice President of Research & Analytics at OrangeTee, said in a Dec 23 report that more than 18,000 private homes are slated for completion next year. This figure excludes executive condominiums (EC) that are also scheduled to be completed in 2023.
The rates for private rentals have been going up in the past two years due to demand far outstripping supply, and the newly completed homes should help ease this situation, particularly in city fringes and in the suburbs, Ms Sun’s report said.