Aurantius Real Estate published an excellent analysis breaking down why this number is misleading. The 90,000 figure includes:
- Hotel apartments and short-stay serviced residences
- Staff accommodation blocks (corporate bulk purchases)
- Commercial units (retail, office conversions)
- Mixed-use developments with non-residential components
When you filter for actual residential units that compete in the sales market, the number drops dramatically. For 2025, the real residential figure was closer to 42,000 units scheduled (and only ~23,000 actually delivered).
But even this residential figure doesn’t tell the whole story.
