{"id":43023,"date":"2017-02-06T11:57:04","date_gmt":"2017-02-06T04:57:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-vacancy-rate-remains-high\/"},"modified":"2017-02-06T11:59:53","modified_gmt":"2017-02-06T04:59:53","slug":"residential-vacancy-rate-remains-high","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-vacancy-rate-remains-high\/","title":{"rendered":"Residential vacancy rate remains high"},"content":{"rendered":"


\nThe high vacancy rates are due to the huge supply of new homes and continued muted leasing interest.
\nThe overall vacancy rate of private residential properties in Singapore remains high due to a myriad of factors, one of which is the significant number of new completions, reported the Straits Times.
\nLast quarter, there were 348,080 private homes available here, of which 29,197 were unoccupied, translating to a vacancy rate of 8.4 percent, based on data from the Urban Redevelopment Authority (URA).
\nAlthough this figure is slightly lower than the 8.9 percent recorded in Q2 2016, which was a 16-year high, it still exceeded the 7.8 percent and 8.1 percent seen in the last quarters of 2014 and 2015 respectively, said R\u2019ST Research Director, Ong Kah Seng, who remains worried about the elevated vacancy level.
\nExacerbating the situation is the huge supply of private homes, as 20,000 units were built last year, compared to 13,150 units in 2014 and 18,971 in 2015.
\n\u201cHigh vacancy rates in 2016 are overall propelled by a combination of factors \u2013 substantial new private residential completions, and continued muted leasing interest amid crimped or no housing allowances by many foreign professionals,\u201d noted Ong.
\nAnother reason is that some owners may not want to reduce their rental prices, shared Colin Tan, Director of Research and Consultancy at Suntec Real Estate Consultants.
\n\u201cThe fact that there are many unoccupied units means that the majority of owners of units that have been completed over the past few years were speculators or investors,\u201d he added.
\nFor example, many units at The Shore Residences in the East Coast have been left vacant for long periods of time, said Jose Trinidad, a Filipino expatriate staying in the 408-unit residential project completed in 2013.
\n\u201cMost of the people living here are renting and the competition for tenants is very high nowadays. Many units are empty because the landlord just cannot find tenants,\u201d noted the 38-year-old auditor.
\nAn online check revealed there are currently 55 units for lease at the project and 90 are up for sale, but it is unknown how many of them are unoccupied.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Residential vacancy rate remains high<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The high vacancy rates are due to the huge supply of new homes and continued...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43023","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bbV","jetpack-related-posts":[{"id":29923,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vacancy-rate-for-private-rented-homes-up-in-q2\/","url_meta":{"origin":43023,"position":0},"title":"Vacancy rate for private rented homes up in Q2","date":"October 14, 2016","format":false,"excerpt":"\r There are more than 338,000 private housing units in Singapore, latest data shows. With supply outpacing demand, the vacancy rate for private rented homes increased 1.4 percentage points to 8.9 percent in the second quarter of 2016, reported Singapore Business Review citing a Savills report. The stock of private\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64491,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-no-ones-home\/","url_meta":{"origin":43023,"position":1},"title":"Get the Guru View: No one\u2019s home","date":"August 24, 2017","format":false,"excerpt":"\r Vacancy rates in the Core Central Region have recovered somewhat since crossing the 10 percent mark, but remain elevated. When examining the rental market, the vacancy rate is often overlooked. 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