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DBS forecast: S’pore to build up to 320,000 new apartments, prices expected to rise by 35 to 55%
- Michael Petraeus
- 30 Oct 2025
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Disclaimer: Unless otherwise stated, any opinions expressed below belong solely to the author. Forecasts sourced from DBS report Singapore 2040: The Next 15 Years of Quality and Inclusive Growth.
The DBS 15-year 
research report, parts of which I covered in the article about the 
Singapore dollar reaching parity with the USD a few days ago, contains other predictions about the country’s economy, including the trajectory of its property market.
DBS analysts expect construction of 200,000 to 300,000 new apartments over the next 15 years (or even close to 320,000, as shown in the chart below), both in the public and private sectors, to accommodate a future population of 6.9 million.
	
	
		
		
			“Singapore’s property market is anchored by population growth, urban rejuvenation, and decentralisation.”
		
		
	 

One of the drivers of this housing boom is the shifting household structure, with fewer people living under the same roof. In fact, as I observed two months ago, even if Singapore’s population ground to a halt, the country 
would need hundreds of thousands of flats in the future, as both the elderly and the young prefer to live on their own these days.
About half or more of the new supply should come from the redevelopment of the Paya Lebar Air Base, which will undergo gradual decommissioning from 2030 onward.