Is there an oversupply of condos in Singapore?

As of the current outlook, there is not an indication of an oversupply of condos in Singapore. Instead, the focus is on addressing the existing demand and supply imbalance. National Development Minister Desmond Lee mentioned that nearly 100,000 private and public homes are expected to be completed between 2023 and 2025, which includes a significant number of HDB flats and private condos. This increased supply is aimed at alleviating the pressure in the rental market and meeting the demand for housing.

Additionally, the private residential market is expected to see over 40 new project launches in 2024, spanning various areas from suburban to prime districts. This suggests that the market is still absorbing new supply, rather than experiencing an oversupply.

However, it is worth noting that speculative buying and rising housing prices could potentially lead to the government implementing new cooling measures to stabilize the market, as suggested by some analysts. But as of now, the primary concern is meeting the existing demand rather than dealing with an oversupply.