Published Date: 24 Oct 2014
The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2014.1
PRIVATE RESIDENTIAL PROPERTIES
Prices and Rentals
Prices of private residential properties decreased by 0.7% in 3rd Quarter 2014, following the 1.0% decline in the previous quarter. This was the fourth straight quarter of price decline.
Price decline was observed across all segments of the private residential property market. Prices of non-landed properties in the Core Central Region (CCR) declined by 0.8%, following the 1.5% decrease in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 0.4%, the same rate of decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.3%, compared to the 0.9% decline in the previous quarter (see Annexes A-1, A-2 & A-62 ). Prices of landed properties declined by 1.8%, more than the decrease of 1.7% in the previous quarter.
Rentals of private residential properties fell by 0.8% in 3rd Quarter 2014, more than the 0.6% decline in 2nd Quarter 2014 (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 1,294 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 3rd Quarter 2014, lower than the 2,843 units in 2nd Quarter 2014 (see Annex C-1).
Developers sold 1,531 private residential units (excluding ECs) in 3rd Quarter 2014, significantly lower than the 2,665 units sold in 2nd Quarter 2014 (see Annex D).
No new EC units were launched for sale in 3rd Quarter 2014 (see Annex F). Developers sold 162 EC units in 3rd Quarter 2014, compared to the 154 units sold in 2nd Quarter 2014.
Resales and Sub-sales
There were 1,288 resale transactions in 3rd Quarter 2014, lower than the 1,389 transactions in 2nd Quarter 2014. Resale transactions accounted for 43.6% of all sale transactions in 3rd Quarter 2014, compared to 33.0% in 2nd Quarter 2014 (see Annex D).
There were 136 sub-sale transactions in 3rd Quarter 2014, lower than the 158 transactions in 2nd Quarter 2014. Sub-sales accounted for 4.6% of all sale transactions in 3rd Quarter 2014, compared to the 3.8% recorded in 2nd Quarter 2014 (see Annex D).
Supply in the Pipeline
As at the end of 3rd Quarter 2014, there was a total supply of 74,4963 uncompleted private residential units (excluding ECs) in the pipeline, compared to 76,014 units in 2nd Quarter 20144 (see Annexes E-1 & E-25). Of this number, 28,120 units remained unsold as at 3rd Quarter 2014 (see Annexes B-1 & B-2). After adding the supply of 14,131 EC units in the pipeline, there were 88,627 units in the pipeline.
In addition, another 8,550 units (including ECs) will soon be added to the pipeline supply. These units are from Government Land Sales (GLS) sites that have been awarded to developers, but for which planning approvals had not yet been granted as at 3rd Quarter 2014; and Confirmed List sites from the 2H2014 GLS Programme that have not yet been awarded (see Annex E-3). If these units are included, there would be about 97,180 private housing and EC units in the overall pipeline supply.
Based on expected completion dates reported by developers, 4,336 units (including ECs) will be completed in the last quarter of 2014. Overall, 20,852 units will be completed in 2014. Another 23,769 units (including ECs) are expected to be completed in 2015. In comparison, 14,403 units (including ECs) were completed in 2013.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 4,512 units in 3rd Quarter 2014. The vacancy rate of completed private residential units (excluding ECs) remained unchanged at 7.1% at the end of 3rd Quarter 2014 (see Annex E-1).
OFFICE SPACE
Prices and Rentals
Prices of office space increased by 1.6% in 3rd Quarter 2014, after remaining unchanged in the previous quarter (see Annex A-1). Rentals of office space rose 2.6% in 3rd Quarter 2014, following the 2.8% increase in 2nd Quarter 2014 (see Annexes A-3 & A-5).
Supply in the Pipeline
At the end of 3rd Quarter 2014, there was a total supply of about 1.087 million sq m GFA of office space in the pipeline (see Annexes E-1 & E-2).
Stock and Vacancy
The amount of occupied office space increased by 50,000 sq m (nett) in 3rd Quarter 2014, compared to the 22,000 sq m (nett) increase in the previous quarter. The stock of office space decreased by 47,000 sq m (nett) in 3rd Quarter 2014, compared to the decrease of 1,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd Quarter 2014 fell to 8.4%, from 9.6% at the end of 2nd Quarter 2014 (see Annexes A-5 & E-1).
RETAIL SPACE
Prices and Rentals
Prices of retail space declined by 0.2% in 3rd Quarter 2014, after a decline of 0.3% in the previous quarter (see Annex A-1). Rentals of retail space increased by 0.1% in 3rd Quarter 2014, compared to the 0.6% increase in 2nd Quarter 2014 (see Annexes A-3 & A-5).
Supply in the Pipeline
At the end of 3rd Quarter 2014, there was a total supply of 884,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 & E-2).
Stock and Vacancy
The amount of occupied retail space increased by 15,000 sq m (nett) in 3rd Quarter 2014. The stock of retail space increased by 52,000 sq m (nett) in 3rd Quarter 2014. As a result, the island-wide vacancy rate of retail space rose to 6.5% at the end of 3rd Quarter 2014, from 5.9% at the end of 2nd Quarter 2014 (see Annexes A-5 & E-1).
URA’S REAL ESTATE INFORMATION SERVICE
From 4th Quarter 2013, JTC has been releasing statistics on industrial properties. The key statistics are published on JTC’s corporate website at http://www.jtc.gov.sg/Publications/Industrial-Property-Statistics/Pages/default.aspx, while more comprehensive statistics are available on REALIS.
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 http://spring.ura.gov.sg/lad/ore/login/index.cfm. You can also call the REALIS hotline at 6329 3456.
| 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: http://www.ura.gov.sg/propertyinfo. Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from http://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1. |
| 3 | Projects in the pipeline refers to new development and redevelopment projects with planning approvals, i.e. either Provisional Permissions (PPs) or Written Permissions (WPs). A WP is a final approval granted under the Planning Act for a proposed development, as compared with a PP, which is a conditional approval. |
| 4 | The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects. |
| 5 | More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at http://www.ura.gov.sg/propertyinfo. |
Summary of Key Information for 3rd Quarter 2014
| Annex | Title |
|---|---|
| Annex A-1 | Comparison of Property Price Index for 2nd Quarter 2014 and 3rd Quarter 2014 |
| Annex A-2 | Price Indices of Non-Landed Properties by Locality and Completion Status |
| Annex A-3 | Comparison of Rental Index for 2nd Quarter 2014 and 3rd Quarter 2014 |
| Annex A-4 | Rental Indices of Non-Landed Properties by Locality |
| Annex A-5 | Median Rentals and Vacancy of Office and Retail Space |
| Annex A-6 | Chart of Property Price Index by Type of Property |
| Annex A-7 | Chart of Residential Property Price Index by Type |
| Annex B-1 | Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Annex B-2 | Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment |
| Annex C-1 | Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Annex C-2 | Number of Private Residential Units Sold in the Quarter by Market Segment |
| Annex D | Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Annex E-1 | Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2014 |
| Annex E-2 | Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2014 |
| Annex E-3 | Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion |
| Annex F | Number of Executive Condominium Units Launched and Sold in the Quarter |