Release of 2nd Quarter 2018 real estate statistics - URA

The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 20181.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

* Figures exclude Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties increased by 3.4% in 2nd Quarter 2018, compared with the 
3.9% increase in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties rose by 4.1% in 2nd Quarter 2018, compared with the 1.9% increase in the 
previous quarter. Prices of non-landed properties rose by 3.2%, compared with the 4.4% increase in the 
previous quarter.

Prices of non-landed properties in Core Central Region (CCR) increased by 0.9% in 2nd Quarter 2018, 
compared with the 5.5% increase in the previous quarter. Prices of non-landed properties in Rest of 
Central Region (RCR) increased by 5.6%, compared with the 1.2% increase in the previous quarter.  
Prices of non-landed properties in Outside Central Region (OCR) increased by 3.0%, compared with the 
5.6% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 1.0% in 2nd Quarter 2018, compared with the 
0.3% increase in the previous quarter.

Rental Index of private residential properties

Rentals of landed properties increased by 3.6% in 2nd Quarter 2018, after remaining unchanged in the 
previous quarter. Rentals of non-landed properties increased by 0.6%, compared with the 0.3% increase in 
the previous quarter.

Rentals of non-landed properties in CCR increased by 0.8%, compared with the 0.6% increase in the previous 
quarter. Rentals in RCR increased by 0.4%, compared with the 0.3% decrease in the previous quarter.  
Rentals in OCR increased by 0.8%, compared with the 0.7% increase in the previous quarter 
(see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 2,437 uncompleted private residential units (excluding ECs) for sale in 
2nd Quarter 2018, compared with 921 units in the previous quarter (see Annex C-1).

Developers sold 2,366 private residential units (excluding ECs) in 2nd Quarter 2018, compared with the 
1,581 units sold in the previous quarter (see Annex D).

Number of private housing units launched and sold by developers (excluding ECs)

Developers launched 628 EC units for sale in 2nd Quarter 2018. 762 EC units were sold in the quarter 
(see Annex F). In comparison, developers did not launch any EC units and sold 261 EC units in the previous 
quarter.

Resales and Sub-sales

There were 4,700 resale transactions in 2nd Quarter 2018, compared with the 3,666 units transacted in the 
previous quarter. Resale transactions accounted for 65.4% of all sale transactions in 2nd Quarter 2018, 
compared with 68.8% in the previous quarter (see Annex D).

There were 120 sub-sale transactions in 2nd Quarter 2018, compared with the 81 units transacted in the 
previous quarter. Sub-sales accounted for 1.7% of all sale transactions in 2nd Quarter 2018, compared 
with 1.5% 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 2nd Quarter 2018, there was a total supply of 45,003 uncompleted private residential 
units (excluding ECs) in the pipeline with planning approvals3, compared with the 40,330 units in the 
previous quarter (see Annexes E-1 & E-24). Of this number, 26,943 units remained unsold as at the end 
of 2nd Quarter 2018, up from 23,514 units in the previous quarter (see Annexes B-1 &B-2).

After adding the supply of 2,518 EC units in the pipeline, there were 47,521 units in the pipeline with 
planning approvals (see Annex E-3). Of the EC units in the pipeline, 18 units remained unsold. In total, 
26,961 units with planning approvals (including ECs) remained unsold, up from 24,193 units in the 
previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 7,130 units (including ECs) will be 
completed in the second half of 2018.  Another 9,510 units (including ECs) will be completed in 2019.

Pipeline supply of private residential units and ECs by expected year of completion

Note: 3,304 private residential units and 3,626 executive condominiums were completed (i.e. obtained TOP) 
in 1H2018.

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 2nd Quarter 2018, there were 26,961 unsold units with planning approval5, up 
from 24,193 units as at the end of 1st Quarter 2018. In addition, there is a potential supply of
19,500 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 8,400 units from awarded GLS sites
and Confirmed List sites that have not been awarded yet, and (b) about 11,100 units from awarded en-bloc
sale sites6. A large part of this new supply of 19,500 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 1,152 units in 2nd Quarter 2018, 
compared with an increase of 1,296 units in the previous quarter. The stock of occupied private residential 
units (excluding ECs) increased by 1,994 units in 2nd Quarter 2018, compared with an increase of 2,950 units 
in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) 
decreased to 7.1% at the end of 2nd Quarter 2018, compared with 7.4% 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 2nd Quarter 2018 in CCR, RCR and 
OCR were 10.9%, 7.7% and 5.0% respectively, compared with the 11.6%, 8.3% and 4.9% in the previous 
quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space increased by 1.9% in 2nd Quarter 2018, compared with the 1.3% increase in the 
previous quarter (see Annex A-1). Rentals of office space increased by 1.6% in 2nd Quarter 2018, compared 
with the 2.6% increase in the previous quarter (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 2nd Quarter 2018, there was a total supply of about 725,000 sq m GFA of office space in 
the pipeline, compared with the 791,000 sq m GFA of office space in the pipeline in the previous quarter 
(see Annexes E-1 & E-2).

Pipeline supply of office space

Note: 94,729 sqm of office space was completed (i.e. granted TOP) in 1H2018

Stock and Vacancy

The amount of occupied office space increased by 74,000 sq m (nett) in 2nd Quarter 2018, compared with 
the increase of 14,000 sq m (nett) in the previous quarter. The stock of office space increased by 60,000 sq m
(nett) in 2nd Quarter 2018, compared with the increase of 11,000 sq m (nett) in the previous quarter. 
As a result, the island-wide vacancy rate of office space dropped to 12.2% at the end of 2nd Quarter 2018, 
from 12.5% 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 decreased by 1.3% in 2nd Quarter 2018, compared with the increase of 0.1% in the 
previous quarter (see Annex A-1). Rentals of retail space decreased by 1.1% in 2nd Quarter 2018, compared 
with the increase of 0.1% 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 2nd Quarter 2018, there was a total supply of 498,000 sq m GFA of retail space from 
projects in the pipeline, compared with the 530,000 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: 59,663 sqm of retail space was completed (i.e. granted TOP) in 1H2018.

Stock and Vacancy

The amount of occupied retail space increased by 21,000 sq m (nett) in 2nd Quarter 2018, after remaining 
unchanged in the previous quarter. The stock of retail space increased by 10,000 sq m (nett) in 2nd Quarter 
2018, compared with the increase of 11,000 sq m (nett) in the previous quarter. As a result, the island-wide 
vacancy rate of retail space decreased to 7.3% at the end of 2nd Quarter 2018, from 7.5% 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 4,720 new housing units from awarded en-bloc sale sites that were granted planning  approval in 2nd 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-July 2018 have been included.

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Summary of Key Information for 2nd Quarter 2018

Annex	Title
Annex A-1  [PDF, 15kb]	Comparison of Property Price Index for 1st Quarter 2018 and 2nd 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 1st Quarter 2018 and 2nd Quarter 2018
Annex A-4  [PDF, 20kb]	Rental Indices of Non-Landed Properties by Market Segment
Annex A-5  [PDF, 40kb]	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 2nd Quarter 2018
Annex E-2 [PDF, 129kb]	Supply in the Pipeline by Development Status and Expected Year of Completion  as at End of 2nd 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 2nd 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

Release of 2nd Quarter 2018 Public Housing Data - HDB

Published Date: 27 Jul 2018

            This press release provides the data for the HDB resale and rental market in 2nd Quarter 2018. 

HDB Resale Market

2          The RPI rose slightly by 0.1%, from 131.6 in 1st Quarter 2018 to 131.7 in 2nd Quarter 2018 (see Annex A).  

3          Resale transactions rose by 33.3%, from 4,458 cases in 1st Quarter 2018 to 5,941 cases in 2nd Quarter 2018 (see Annex B).    

4          The median resale prices in the various towns in 2nd Quarter 2018 are tabulated in Annex C.

HDB Rental Market

5          The median rents in the various towns in 2nd Quarter 2018 are tabulated in Annex D.

6          The number of approved applications to rent out HDB flats rose by 2.6%, from 11,721 cases in 1st Quarter 2018 to 12,024 cases in 2nd Quarter 2018 (see Annex E). Compared to 2nd Quarter 2017, the number of approved applications to rent out HDB flats in 2nd Quarter 2018 was 10.0% higher. As at 30 Jun 2018, there were 54,896 HDB flats rented out, an increase of 1.0% over 31 Mar 2018 (54,329 units).

Upcoming Sales Launch

7          In 1H2018, HDB had offered 11,373 flats, comprising 7,634 Build-to-Order (BTO) flats and 3,739 balance flats.  In Aug 2018, HDB will offer another 4,300 BTO flats in Punggol and Yishun.  A concurrent Re-Offer of Balance Flats exercise will also be held.  More information on the BTO flats is available on the HDB InfoWEB.

Source: HDB

HDB resale prices inch up for first time in 9 quarters - SRX

But analysts say it is too early to suggest a recovery in the public housing market

Resale prices of Housing Board flats inched up for the first time in nine quarters, sparking hopes that the public housing resale market has bottomed out.

Data released by the HDB yesterday also showed that more resale flats were sold in the second quarter of this year. The number of transactions rose 33.3 per cent from the previous quarter, from 4,458 to 5,941, while the resale price index rose slightly by 0.1 per cent.

While the slight brightening was cause for cheer for HDB home owners, who have watched prices trend downwards since the peak in the second quarter of 2013, analysts said it was too early to call it a recovery in the public housing market, which has languished beside the heated private market in the past 12 months.

ZACD Group executive director Nicholas Mak cautioned against reading too much into the jump in transaction volume, as records over the past 13 years show the same bump in the second quarter of each year.

The slight uptick in the public housing market came amid strong gains in the private property market. Private residential prices rose 3.4 per cent, marking the fourth straight quarter of increase and bringing the increase for the first half of this year to 7.4 per cent.

Transaction volumes soared to a five-year high, according to statistics from the Urban Redevelopment Authority. Excluding executive condominiums, volumes jumped 34.9 per cent from the first quarter to hit 7,186 units, the highest level since the first quarter of 2013 which saw 7,811 units sold.

However, with the cooling measures introduced earlier this month to raise the stamp duty and lower the loan-to-value (LTV) limit among other things, expectations are that any further rises in private home prices will moderate.

OrangeTee & Tie head of research and consultancy Christine Sun said the latest volume of HDB transactions may be sustained if the cooling measures turn potential buyers away from condos to the HDB resale market instead.

She said: "The increased cash or Central Provident Fund outlay, as a result of the stricter LTV limit, could be hefty for HDB upgraders, who tend to be more price-sensitive."

Calling the increase in the resale price index a marginal improvement, Mr Mak said: "The increase is so minimal that further observation in the next few months is needed to determine if this is truly the start of a market recovery."

He added: "If the recovery of the HDB resale price index is sustainable, the rate of growth for the entire year will likely be gradual and almost flat, ranging from -0.3 per cent to +1.5 per cent year on year."

Resale flats fetching some of the highest median prices were in the central district, Toa Payoh andQueenstown. Three-room flats in Bukit Batok and Jurong West were the most affordable, fetching median prices of $264,000 and $260,000 respectively.

About 4,300 new flats in Punggol and Yishun will be offered for sale next month, while a Re-Offer of Balance Flats sales exercise will be held at the same time.

Source: SRX (28 Jul 2018)

Private home prices up 3.4% in Q2, making for 7.3% rise in first half of 2018: URA data - SRX

SINGAPORE - Private residential prices here continued their climb in the second quarter, posting a 3.4 per cent increase that was in line with earlier flash estimates, according to data released by the Urban Redevelopment Authority (URA on Friday (July 27).

This followed a 3.9 per cent jump in the first quarter, meaning private home prices rose by 7.3 per cent in the first half of 2018.

For the second quarter, landed properties led the price rise by increasing by 4.1 per cent, compared with the 1.9 per cent increase in the previous quarter. Prices of non-landed properties rose by 3.2 per cent, compared with the 4.4 per cent increase in the previous quarter.

By location, non-landed Rest of Central Region (RCR) prices increased by 5.6 per cent, compared with the 1.2 per cent rise in the previous quarter. Properties in the Core Central Region (CCR) booked an increase of 0.9 per cent, compared with the 5.5 per cent rise in the previous quarter. 

Prices of non-landed properties in Outside Central Region (OCR) climbed 3.0 per cent, compared with the 5.6 per cent increase in the previous quarter.

Private home rentals increased by 1.0 per cent, compared with the 0.3 per cent rise in the previous quarter.

Rentals of landed properties increased by 3.6 per cent, after remaining unchanged in the previous quarter. Rentals of non-landed properties increased by 0.6 per cent, compared with the 0.3 per cent rise in the previous quarter.

The vacancy rate of completed private residential units (excluding ECs) decreased by 0.3 percentage points to 7.1 per cent at end-June.

At the end of the second quarter, there was a total supply of 45,003 uncompleted private residential units (excluding executive condominiums or ECs) in the pipeline with planning approvals, compared with the 40,330 units in the previous quarter.

Of this number, 26,943 units remained unsold as at the end of Q2 2018, up from 23,514 units in the previous quarter.

After adding the supply of 2,518 EC units in the pipeline, there were 47,521 units in the pipeline with planning approvals. Of the EC units in the pipeline, 18 units remained unsold.

In total, 26,961 units with planning approvals (including ECs) remained unsold, up from 24,193 units in the previous quarter.

Source: SRX (27 Jul 2018)