Published: 27 April 2018
The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20181.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
* Figures exclude Executive Condominiums (ECs)
Prices and Rentals
Prices of private residential properties increased by 3.9% in 1st Quarter 2018, compared with the 0.8% increase in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties rose by 1.9% in 1st Quarter 2018, compared with the 0.5% increase in the previous quarter. Prices of non-landed properties rose by 4.4%, compared with the 0.8% increase in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) increased by 5.5% in 1st Quarter 2018, compared with the 1.4% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 1.2%, compared with the 0.4% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 5.6%, compared with the 0.8% increase in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties increased by 0.3% in 1st Quarter 2018, compared with the 0.9% decline in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) increased by 5.5% in 1st Quarter 2018, compared with the 1.4% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 1.2%, compared with the 0.4% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 5.6%, compared with the 0.8% increase in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties increased by 0.3% in 1st Quarter 2018, compared with the 0.9% decline in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties remained unchanged in 1st Quarter 2018, compared with the 1.3% decrease in the previous quarter. Rentals of non-landed properties increased by 0.3%, compared with the 0.8% decrease in the previous quarter.
Rentals of non-landed properties in CCR increased by 0.6%, compared with the 0.7% decrease in the previous quarter. Rentals in RCR decreased by 0.3%, compared with the 0.7% decrease in the previous quarter. Rentals in OCR increased by 0.7%, compared with the 1.0% decrease in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 921 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2018, compared with 877 units in the previous quarter (see Annex C-1).
Developers sold 1,581 private residential units (excluding ECs) in 1st Quarter 2018, compared with the 1,864 units sold in the previous quarter (see Annex D).
Number of private housing units launched and sold by developers (excluding ECs)
Developers did not launch any EC projects for sale in 1st Quarter 2018. Nevertheless, they sold 261 EC units from previous launches over the period (see Annex F). In comparison, developers did not launch any EC units and sold 446 EC units in the previous quarter.
Resales and Sub-sales
There were 3,666 resale transactions in 1st Quarter 2018, compared with the 4,226 units transacted in the previous quarter. Resale transactions accounted for 68.8% of all sale transactions in 1st Quarter 2018, compared with 68.1% in the previous quarter (see Annex D).
There were 81 sub-sale transactions in 1st Quarter 2018, compared with the 120 units transacted in the previous quarter. Sub-sales accounted for 1.5% of all sale transactions in 1st Quarter 2018, compared with 1.9% in the previous quarter (see Annex D).
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply in the Pipeline
As at the end of 1st Quarter 2018, there was a total supply of 40,330 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 36,029 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 23,514 units remained unsold as at the end of 1st Quarter 2018, up from 18,891 units in the previous quarter (see Annexes B-1 & B-2).
After adding the supply of 3,931 EC units in the pipeline, there were 44,261 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 679 units remained unsold. In total, 24,193 units with planning approvals (including ECs) remained unsold, up from 19,755 units in the previous quarter.
After adding the supply of 3,931 EC units in the pipeline, there were 44,261 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 679 units remained unsold. In total, 24,193 units with planning approvals (including ECs) remained unsold, up from 19,755 units in the previous quarter.
Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 9,848 units (including ECs) will be completed in the next 3 quarters of 2018. Another 9,446 units (including ECs) will be completed in 2019.
Pipeline supply of private residential units and ECs by expected year of completion
Note: 1,977 private residential units and 2,213 executive condominiums were completed
(i.e. obtained TOP) in 1Q2018.
The redevelopment of the large number of private residential developments sold en-bloc since 2016 will add a significant number of new housing units to the supply pipeline.
As at the end of 1st Quarter 2018, there were 24,193 unsold units with planning approval5, up from 19,755 units as at the end of 4th Quarter 2017. In addition, there is a potential supply of 20,100 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet. They comprise (a) about 6,900 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 13,200 units from awarded en-bloc sale sites6. A large part of this new supply of 20,100 units could be made available for sale later this year or next year, and will be completed from 2021 onwards.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 1,296 units in 1st Quarter 2018, compared with an increase of 4,205 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 2,950 units in 1st Quarter 2018, compared with an increase of 5,781 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 7.4% at the end of 1st Quarter 2018, compared with 7.8% in the previous quarter (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
Vacancy rates of completed private residential properties at the end of 1st Quarter 2018 in CCR, RCR and OCR were 11.6%, 8.3% and 4.9% respectively, compared with the 11.2%, 8.5% and 5.9% in the previous quarter (see Annex E-4).
OFFICE SPACE
Office market at a glance:
Prices and Rentals
Prices of office space increased by 1.3% in 1st Quarter 2018, compared with the 2.7% increase in the previous quarter (see Annex A-1). Rentals of office space rose at the same pace as the previous quarter, by 2.6% in 1st Quarter 2018 (see Annexes A-3 & A-5).
Property Price Index of office space in Central region
Prices of office space increased by 1.3% in 1st Quarter 2018, compared with the 2.7% increase in the previous quarter (see Annex A-1). Rentals of office space rose at the same pace as the previous quarter, by 2.6% in 1st Quarter 2018 (see Annexes A-3 & A-5).
Property Price Index of office space in Central region
Rental Index of office space in Central region
Supply in the Pipeline
As at the end of 1st Quarter 2018, there was a total supply of about 791,000 sq m GFA of office space in the pipeline, compared with the 597,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).
Pipeline supply of office space
Pipeline supply of office space
Note:13,838 sqm of office space was completed (i.e. granted TOP) in 1Q2018
Stock and Vacancy
The amount of occupied office space increased by 14,000 sq m (nett) in 1st Quarter 2018, compared with the increase of 55,000 sq m (nett) in the previous quarter. The stock of office space increased by 11,000 sq m (nett) in 1st Quarter 2018, compared with the decrease of 4,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 1st Quarter 2018 dropped to 12.5%, from 12.6% at the end of the previous quarter (see Annexes A-5 & E-1).
Stock and vacancy of office space
The amount of occupied office space increased by 14,000 sq m (nett) in 1st Quarter 2018, compared with the increase of 55,000 sq m (nett) in the previous quarter. The stock of office space increased by 11,000 sq m (nett) in 1st Quarter 2018, compared with the decrease of 4,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 1st Quarter 2018 dropped to 12.5%, from 12.6% at the end of the previous quarter (see Annexes A-5 & E-1).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices and Rentals
Prices of retail space increased by 0.1% in 1st Quarter 2018, compared with the decrease of 1.0% in the previous quarter (see Annex A-1). Rentals of retail space increased by 0.1% in 1st Quarter 2018, compared with the decrease of 0.5% in the previous quarter (see Annexes A-3 & A-5).
Property Price Index of retail space in Central region
Prices of retail space increased by 0.1% in 1st Quarter 2018, compared with the decrease of 1.0% in the previous quarter (see Annex A-1). Rentals of retail space increased by 0.1% in 1st Quarter 2018, compared with the decrease of 0.5% in the previous quarter (see Annexes A-3 & A-5).
Property Price Index of retail space in Central region
Rental Index of retail space in Central region
Supply in the Pipeline
As at the end of 1st Quarter 2018, there was a total supply of 530,000 sq m GFA of retail space from projects in the pipeline, compared with the 509,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).
Pipeline supply of retail space
Note: 19,280 sqm of retail space was completed (i.e. granted TOP) in 1Q2018.
Stock and Vacancy
The amount of occupied retail space remained unchanged in 1st Quarter 2018, compared with the increase of 64,000 sq m (nett) in the previous quarter. The stock of retail space increased by 11,000 sq m (nett) in 1st Quarter 2018, compared with the increase of 18,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 7.5% at the end of 1st Quarter 2018, from 7.4% at the end of the previous quarter (see Annexes A-5 & E-1).
Stock and vacancy of retail space
URA’S REAL ESTATE INFORMATION SERVICE
More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS), an online database of URA.
More information on REALIS can be found at https://spring.ura.gov.sg/lad/ore/login/index.cfm.
| 1 | Statistics in this press release are based on quarter to quarter comparisons, unless otherwise stated. |
| 2 | The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view more detailed information on transactions of private residential properties at: https://www.ura.gov.sg/realEstateIIWeb/transaction/search.action. Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from https://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1. |
| 3 | Projects in the pipeline are new development or redevelopment projects with planning approvals, i.e. Provisional Permission (PP) or Written Permission (WP). |
| 4 | More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found athttps://www.ura.gov.sg/realEstateIIWeb/supply/search.action |
| 5 | These include 5,198 new housing units from awarded en-bloc sale sites that were granted planning approval in 1st Quarter 2018 for redevelopment. |
| 6 | The en-bloc sales of existing developments are subject to regulatory conditions, such as the issuance of the collective sale order by the Strata Titles Board under the Land Titles (Strata) Act. New private housing supply from these sites is estimated based on their site areas and allowable plot ratios under Master Plan 2014. For each site, the number of units proposed by the developer will be subject to detailed evaluation to determine if it can be supported. En-bloc sale sites sold up to mid-April 2018 have been included. |
Summary of Key Information for 1st Quarter 2018
| Annex | Title |
|---|---|
| Annex A-1[PDF, 14kb] | Comparison of Property Price Index for 4th Quarter 2017 and 1st Quarter 2018 |
| Annex A-2 [PDF, 18kb] | Price Indices of Non-Landed Properties by Market Segment |
| Annex A-3 [PDF, 15kb] | Comparison of Rental Index for 4th Quarter 2017 and 1st Quarter 2018 |
Annex A-4 [PDF, 20kb]
| Rental Indices of Non-Landed Properties by Market Segment |
| Annex A-5 [PDF, 140kb] | Median Rentals and Vacancy of Office and Retail Space |
| Annex A-6 [PDF, 17kb] | Chart of Property Price Index by Type of Property |
| Annex A-7 [PDF, 14kb] | Chart of Residential Property Price Index by Type |
| Annex B-1 [PDF, 13kb] | Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Annex B-2 [PDF, 18kb] | Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment |
| Annex C-1 [PDF, 19kb] | Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Annex C-2 [PDF, 125kb] | Number of Private Residential Units Sold in the Quarter by Market Segment |
| Annex D [PDF, 151kb] | Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Annex E-1 [PDF, 124kb] | Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2018 |
| Annex E-2 [PDF, 129kb] | Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2018 |
| Annex E-3 [PDF, 14kb] | Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 1st Quarter 2018 |
| Annex E-4 [PDF, 17kb] | Vacancy of Private Residential Units by Market Segment |
| Annex F [PDF, 136kb] | Number of Executive Condominium Units Launched and Sold in the Quarter |
Source: URA