The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd quarter 2016.1
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 1.5% in 3rd quarter 2016, compared to the 0.4% decline in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties declined by 2.7%, compared to the 1.5% decline in the previous quarter. Prices of non-landed properties decreased by 1.2%, compared to the 0.1% decline in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) decreased by 1.9%, compared to the 0.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) both decreased by 1.0%, compared with the 0.2% increase in RCR and 0.5% decrease in OCR in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties fell 1.2%, compared to the 0.6% decline in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties remained unchanged, compared to the 1.6% decline in the previous quarter. Rentals of non-landed properties decreased by 1.4%, compared to the 0.4% decline in the previous quarter.
Rentals of non-landed properties decreased by 1.4% in CCR, compared to the 0.1% increase in the previous quarter. Rentals in RCR fell 0.6%, the same rate as the previous quarter while rentals in OCR fell by 2.4%, compared to the 1.2% decrease in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 1,609 uncompleted private residential units (excluding ECs) for sale in 3rd quarter 2016, compared to 2,371 units in the previous quarter (see Annex C-1).
Developers sold 1,981 private residential units (excluding ECs) in 3rd quarter 2016, compared to the 2,256 units sold in the previous quarter (see Annex D).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 862 EC units for sale in 3rd quarter 2016 and sold 1,398 EC units over the same period (see Annex F), compared to the 1,260 EC units launched and 1,105 units sold in the previous quarter.
Resales and Sub-sales
There were 2,477 resale transactions in 3rd quarter 2016, compared to the 2,140 units transacted in the previous quarter. Resale transactions accounted for 53.9% of all sale transactions in 3rd quarter 2016, compared to 47.0% in the previous quarter (see Annex D).
There were 138 sub-sale transactions in 3rd quarter 2016, compared to the 154 units transacted in the previous quarter. Sub-sales accounted for 3.0% of all sale transactions in 3rd quarter 2016, compared to 3.4% 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 3rd quarter 2016, there was a total supply of 43,6933 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 47,250 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 20,577 units remained unsold as at 3rd quarter 2016 (see Annexes B-1 & B-2).
After adding the supply of 11,054 EC units in the pipeline, there were 54,747 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 4,634 units remained unsold. In total, 25,211 units (including ECs) remained unsold.
Total number of unsold private residential units in the pipeline (excluding ECs)
Based on the expected completion dates reported by developers, 7,077 units (including ECs) will be completed in the last quarter of 2016. Another 16,167 units (including ECs) will be completed in 2017.
Pipeline supply of private residential units and ECs by expected year of completion
Note: 16,355 private residential units and 4,066 executive condominium units were completed
(i.e. obtained TOP) in 1Q-3Q2016.
(i.e. obtained TOP) in 1Q-3Q2016.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 4,919 units in 3rd quarter 2016, compared to an increase of 8,425 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,393 units in 3rd quarter 2016, compared to an increase of 3,034 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.7% at the end of 3rd quarter 2016, from 8.9% at the end of the previous quarter (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
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 0.4% in 3rd quarter 2016, compared to the 1.5% decline in the previous quarter (see Annex A-1). Rentals of office space fell by 1.1% in 3rd quarter 2016, compared to the decline of 3.5% in the previous quarter (see Annexes A-3 & A-5).
Property Price Index of office space
Property Price Index of office space
Rental Index of office space in Central region
Supply in the Pipeline
As at the end of 3rd quarter 2016, there was a total supply of about 879,000 sq m GFA of office space in the pipeline (see Annexes E-1 & E-2).
Pipeline supply of office space
Pipeline supply of office space
Stock and Vacancy
The amount of occupied office space decreased by 5,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 30,000 sq m (nett) in the previous quarter. The stock of office space increased by 101,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 27,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd quarter 2016 rose to 10.4%, from 9.1% 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 0.6% in 3rd quarter 2016, compared to the decrease of 3.1% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 1.5% in 3rd quarter 2016, compared to the decrease of 3.9% in the previous quarter (see Annexes A-3 & A-5).
Property Price Index of retail space
Rental Index of retail space in Central region
Supply in the Pipeline
As at the end of 3rd quarter 2016, there was a total supply of 652,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 & E-2).
Pipeline supply of retail space
Pipeline supply of retail space
Stock and Vacancy
The amount of occupied retail space decreased by 26,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 1,000 sq m (nett) in the previous quarter. The stock of retail space increased by 17,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.4% at the end of 3rd quarter 2016, from 7.8% 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. 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 |
| Annex | Title |
|---|---|
| Annex A-1 [PDF, 14.3kb] | Comparison of Property Price Index for 2nd Quarter 2016 and 3rd Quarter 2016 |
| Annex A-2 [PDF, 17.5kb] | Price Indices of Non-Landed Properties by Locality |
| Annex A-3 [PDF, 14.2kb] | Comparison of Rental Index for 2nd Quarter 2016 and 3rd Quarter 2016 |
| Annex A-4 [PDF, 19.3kb] | Rental Indices of Non-Landed Properties by Locality |
| Annex A-5 [PDF, 101kb] | Median Rentals and Vacancy of Office and Retail Space |
| Annex A-6 [PDF, 15kb] | Chart of Property Price Index by Type of Property |
| Annex A-7 [PDF, 11.3kb] | Chart of Residential Property Price Index by Type |
| Annex B-1 [PDF, 10kb] | Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Annex B-2 [PDF, 17.3kb] | Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment |
| Annex C-1 [PDF, 21kb] | Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Annex C-2 [PDF, 219kb] | Number of Private Residential Units Sold in the Quarter by Market Segment |
| Annex D [PDF, 134kb] | Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Annex E-1 [PDF, 92.1kb] | Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2016 |
| Annex E-2 [PDF, 85.4kb] | Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2016 |
| Annex E-3 [PDF, 12.6kb] | Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion |
| Annex F [PDF, 98.2kb] | Number of Executive Condominium Units Launched and Sold in the Quarter |