The ST reported today that the number of units launched but unsold at 15.1% in August 2014 is worse than in August 2008 - 2 months to the run-up to the 2008 global financial crisis which hit in October that year.
Vacancy rate at completed private residential projects are also higher, at 7.1% at the end of the second quarter versus 6.1% in 2008 at the same time. And this is expected to rise further, given a deluge of completed projects in the pipeline and the limited number of expats looking to rent.
.JPG)
Looks like interesting times are ahead ...
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