The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2015.1
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 0.5% in 4th Quarter 2015, compared to the 1.3% decline in the previous quarter. For the whole of 2015, prices fell by 3.7%, compared with the 4.0% decline in 2014.
Property Price Index of private residential properties
Price decline was observed in Core Central Region (CCR) and Rest of Central Region (RCR). Prices of non-landed properties in Outside Central Region (OCR) remained unchanged (see Annexes A-1 [PDF, 26kb], A-2[PDF, 16kb] & A-62 [PDF, 18kb] ). For the whole of 2015, prices in CCR, RCR and OCR declined by 2.5%, 4.3% and 3.7% respectively.
Prices of landed properties declined by 1.8%, compared to the 0.4% decline in the previous quarter. For the whole of 2015, prices of landed properties declined by 4.1%.
Rentals of private residential properties fell 1.3% in 4th Quarter 2015, compared to the 0.6% decline in the previous quarter. For the whole of 2015, rentals of private residential properties fell by 4.6%.
Rental Index of private residential properties
The rental decline was observed across all segments of the private residential property market. Rentals of non-landed properties fell 0.4% in CCR, 1.6% in RCR and 1.8% in OCR, compared to the declines of 0.4%, 0.8% and 1.1% respectively in the previous quarter (see Annexes A-3 [PDF, 27kb] & A-4 [PDF, 18kb]). For the whole of 2015, rentals of non-landed properties in CCR, RCR and OCR declined by 3.8%, 4.9% and 5.6% respectively.
Rentals of landed properties declined by 2.3%, compared with the 0.1% decline in the previous quarter. For the whole of 2015, rentals of landed properties fell by 4.5%.
Launches and Take-up
Developers launched 1,333 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 4th Quarter 2015, compared to the 2,435 units in 3rd Quarter 2015 (see Annex C-1 [PDF, 19kb]). For the whole of 2015, developers had launched 7,056 units, compared with 7,693 units in 2014.
Developers sold 1,603 private residential units (excluding ECs) in 4th Quarter 2015, compared to the 2,410 units sold in 3rd Quarter 2015 (see Annex D [PDF, 117kb] ). For the whole of 2015, developers sold 7,440 units, compared with 7,316 units in 2014.
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 505 EC units for sale in 4th Quarter 2015 and sold 573 EC units over the same period (see Annex F [PDF, 31kb]). For whole of 2015, 2,550 EC units were sold, compared with 1,578 EC units in 2014.
Resales and Sub-sales
There were 1,464 resale transactions in 4th Quarter 2015, compared to the 1,619 units transacted in the previous quarter. Resale transactions accounted for 45.8% of all sale transactions in 4th Quarter 2015, compared to the 38.9% in 3rd Quarter 2015 (see Annex D [PDF, 117kb]). For the whole of 2015, there were a total of 6,160 resale transactions, compared to the 4,964 transactions in 2014.
There were 132 sub-sale transactions in 4th Quarter 2015, compared to the 130 units transacted in 3rd Quarter 2015. Sub-sales accounted for 4.1% of all sale transactions in 4th Quarter 2015, compared to the 3.1% in 3rd Quarter 2015 (see Annex D [PDF, 117kb]). For the whole of 2015, there were a total of 517 sub-sale transactions, compared with 567 transactions in 2014.
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply in the Pipeline
As at the end of 4th Quarter 2015, there was a total supply of 55,6383 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 58,348 units in 3rd Quarter 2015 (see Annexes E-1 [PDF, 90kb] & E-24 [PDF, 86kb]). Of this number, 23,271 units remained unsold as at 4th Quarter 2015 (see Annexes B-1 [PDF, 12kb] & B-2 [PDF, 18kb]). After adding the supply of 14,127 EC units in the pipeline, there were 69,765 units in the pipeline. Of the EC units in the pipeline, 6,744 units remained unsold.
Based on the expected completion dates reported by developers, 26,467 units (including ECs) will be completed in 2016. Another 17,234 units (including ECs) will be completed in 2017. In comparison, 22,267 units (including ECs) were completed in 2015.
Pipeline supply of private residential units and ECs by expected year of completion
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 5,299 units in 4th Quarter 2015. The vacancy rate of completed private residential units (excluding ECs) increased to 8.1% at the end of 4th Quarter 2015, from 7.8% at the end of 3rd Quarter 2015 (see Annex E-1 [PDF, 90kb]).
Stock and vacancy of private residential units (excluding ECs)
OFFICE SPACE
Office market at a glance:
Prices and Rentals
Prices of office space decreased by 0.1% in 4th Quarter 2015, the same the previous quarter (see Annex A-1[PDF, 26kb]). Rentals of office space fell by 1.8% in 4th Quarter 2015, compared to the decline of 2.9% in 3rd Quarter 2015 (see Annexes A-3 [PDF, 27kb] & A-5 [PDF, 93kb]). For the whole of 2015, prices of office space had declined by 0.1% while rentals had declined by 6.5%.
Property Price Index of office space
Rental Index of office space in Central region
Supply in the Pipeline
As at the end of 4th Quarter 2015, there was a total supply of about 993,000 sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 90kb] & E-2 [PDF, 86kb]).
Pipeline supply of office space
Stock and Vacancy
The amount of occupied office space decreased by 10,000 sq m (nett) in 4th Quarter 2015, compared to the 15,000 sq m (nett) increase in the previous quarter. The stock of office space decreased by 21,000 sq m (nett) in 4th Quarter 2015, compared to the decrease of 3,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 4th Quarter 2015 fell to 9.5%, from 9.6% at the end of 3rd Quarter 2015 (see Annexes A-5 [PDF, 93kb] & E-1 [PDF, 90kb]).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices and Rentals
Prices of retail space decreased by 0.1% in 4th Quarter 2015, compared to the decrease of 0.3% in the previous quarter (see Annex A-1 [PDF, 26kb]). Rentals of retail space decreased by 1.3% in 4th Quarter 2015, compared to the decrease of 2.0% in 3rd Quarter 2015 (see Annexes A-3 [PDF, 27kb] & A-5 [PDF, 93kb]). For the whole of 2015, prices of retail space had declined by 0.8% while rentals had declined by 4.1%.
Property Price Index of retail space
Rental Index of retail space in Central region
Supply in the Pipeline
As at the end of 4th Quarter 2015, there was a total supply of 808,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 90kb] & E-2 [PDF, 86kb]).
Pipeline supply of retail space
Stock and Vacancy
The amount of occupied retail space increased by 8,000 sq m (nett) in 4th Quarter 2015, compared to the decrease of 13,000 sq m (nett) in the previous quarter. The stock of retail space increased by 22,000 sq m (nett) in 4th Quarter 2015, compared to the 24,000 sq m (nett) decrease in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.2% at the end of 4th Quarter 2015, from 7.0% at the end of 3rd Quarter 2015 (see Annexes A-5 [PDF, 93kb] & E-1 [PDF, 90kb]).
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. 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: 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 fromhttps://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1. |
| 3 | Projects in the pipeline refer to new development and redevelopment projects with planning approval, i.e. either 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 at https://www.ura.gov.sg/realEstateIIWeb/supply/search.action |
Summary of Key Information for 4th Quarter 2015
| Annex | Title |
|---|---|
| Annex A-1a [PDF, 14kb] | Comparison of Property Price Index for 3rd Quarter 2015 and 4th Quarter 2015 |
| Annex A-1b [PDF, 14kb] | Comparison of Property Price Index for 2014 and 2015 |
| Annex A-2 [PDF, 16kb] | Price Indices of Non-Landed Properties by Locality |
| Annex A-3a [PDF, 14kb] | Comparison of Rental Index for 3rd Quarter 2015 and 4th Quarter 2015 |
| Annex A-3b [PDF, 14kb] | Comparison of Rental Index for 2014 and 2015 |
| Annex A-4 [PDF, 18kb] | Rental Indices of Non-Landed Properties by Locality |
| Annex A-5 [PDF, 93kb] | Median Rentals and Vacancy of Office and Retail Space |
| Annex A-6 [PDF, 18kb] | Chart of Property Price Index by Type of Property |
| Annex A-7 [PDF, 15kb] | Chart of Residential Property Price Index by Type |
| Annex B-1 [PDF, 12kb] | 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, 21kb] | Number of Private Residential Units Sold in the Quarter by Market Segment |
| Annex D [PDF, 117kb] | Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Annex E-1 [PDF, 90kb] | Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2015 |
| Annex E-2 [PDF, 86kb] | Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2015 |
| Annex E-3 [PDF, 15kb] | Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion |
| Annex F [PDF, 31kb] | Number of Executive Condominium Units Launched and Sold in the Quarter |
Source: URA