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

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.

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.

Singapore will continue to release a “steady supply of private residential units over the next few years” accounting for prevailing economic and property market conditions, the ministry said.

Land sites confirmed up for tender in the second half of this year include nine private residential sites and one commercial and residential site.