Building blindly
Joseph Wong | 02 Nov 2018 00:30
In recent years, many property developers have been focusing on building affordable homes following the government’s call to provide for the less affluent market.

While it is true that there are many developers who appear to be doing well with convincing take-up rates of 80% to 100%, there are also just as many who are facing difficulty in selling their units.

“Just because there is strong demand, it doesn’t mean that affordable homes are in undersupply,” says Koh Cha-Ly, founder and CEO of Propertypricetag, a data company that cleans and analyses a large amount of city data through property algorithms.

“You can see this in the data collected (by the National Property Information Centre or Napic), that there is an overhang of affordable properties,” she tells FocusM.

According to Napic data, about are not DBKL’s, says Khalid there is an overhang of 12,771 small-office-home-office (SoHo) and service apartment units as of H1 2018 compared to 6,927 units as of end 2017.

This is an increase of 84.4% and with another unsold 49,444 units still under construction as of H1 2018, the overhang is expected to increase unless there is a spike in new buyers in the market.

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