Including HDB, DBSS and EC completions, we anticipate that 50.0k, 49.7k and 73.6k homes will come into the physical supply in FY14, FY15 and FY16, respectively.
Assuming a 6.0m population target by 2020 from the latest Population white paper, we forecast average population growth at ~86k individuals per annum from 2014-20. Assuming a conservative 3 persons per household, this translates to an incremental demand of ~29k physical homes per year, which points to a fairly clear physical oversupply situation ahead.
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