Our neighbour is now 6.04 million strong! (and growing…) Means what for homes?

Our neighbour is now 6.04 million strong! (and growing…) Means what for homes?

Whoa… this may not be a big news to many but to Singapore’s continued growth, it is. Speaking of population growth, my two PHD friends who are Singaporean citizens have two young children. Singaporean couples does not have an average of two babies per couple. It’s lower. It’s closer to 1 birth per woman and that’s 2021 data as per google.

Good news is this, Singapore is still growing and they are now 6.04 million strong as at June 2024. Congratulations for this new number. This growth comes from non-resident population. Briefly, when we have more people, there will be higher consumption for goods and services. In other words, even if average spending is the same per person last year and this year, the economy is still growing higher.

Article in channelnewsasia.com For the first time, Singapore’s total population has exceeded six million, mainly due to the growth in the non-resident population. 

The figures were published on Tuesday (Sep 24) in the annual Population in Brief report by the National Population and Talent Division (NPTD) of the Prime Minister’s Office and its partner agencies. 

Of the 6.04 million, there were 4.18 million residents and about 1.86 million non-residents, which comprise the foreign workforce, migrant domestic workers, dependants and international students. The article is long and has a lot of information. Do read it here: Article in channelnewsasia.com

More population means more homes are needed too

Singapore’s Housing Development Board (HDB) continues to do a good job in housing its citizen population. I repeat, it’s citizen population. The non-citizens do not have such privilege but they could then rent rooms or buys from the private homes market and this will continue to increase the demand for more homes. In fact, the prices of HDB flats which has seen many S$1 million or higher transactions shown that when demand far exceeds supply for certain units, the prices will keep going up and there’s nothing any government could do about it.

Perhaps the next phase would now be how to ensure the supply remains stable with the inclusion of Johor homes too. That could only happen if the RTS starts and it’s possible to now move between two countries in less than half an hour. Else, not many would want to stay in JB if they needed 3 hours or more to and fro between home and office every day. We shall see and congratulations again. Please continue to grow!

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