Possible office space shortage
05:55 AM Nov 20, 2009
by Bloomberg
SINGAPORE - Despite the current glut in office space, Singapore may face a shortage in 2014 due to the lack of new supply.
Speaking at a real estate conference in Hong Kong yesterday, Mr Choy Chan Pong, the senior group director of land sales and administration at Singapore's Urban Redevelopment Authority, noted there will a short-term imbalance between demand and supply.
"We have seen 5 million sq ft of demand in 2001 and 3 million sq ft of demand annually in recent years," he said. "So, whatever supply we see now can be quickly absorbed."
However, there is concern that there is no new supply expected in 2014.
"In the last year or so, there have been no new projects," added Mr Choy. "We have developers telling us to better start releasing land for office space."
Copyright 2009 MediaCorp Pte Ltd | All Rights Reserved
Friday, November 20, 2009
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