SRX: Month-on-month rise in private home resale prices comes to halt - SRX

Resale prices of non-landed private homes in Singapore were unchanged in April from March, putting a stop to five straight months of month-on-month price rises, according to SRX Property's flash estimates released on Tuesday (May 9).

Its report also showed that the number of resale transactions fell 21 per cent in April from March. However, this came as sellers hiked their asking prices to above perceived market rates - the first time they have crossed that line in at least two years.

Going by location, the city fringes (rest of central region) and outlying areas (outside central region) recorded month-on-month price increases of 1.2 per cent, 0.1 per cent respectively, while the prime districts (core central region) saw prices decline 1.2 per cent.

Private resale prices rose an upwardly revised 0.8 per cent month-on-month in March, 1 per cent in February, 0.9 per cent in January, 0.3 per cent last December and 0.6 per cent last November.

Year-on-year, private resale prices last month were 1.8 per cent higher than in April 2016, though still down by 5.4 per cent from their recent peak in January 2014.

An estimated 907 units changed hands in April, down 21 per cent per cent from the 1,148 resale units for March.

Year-on-year, resale volume last month was 48 per cent higher compared to 613 units resold in April 2016. Resale volume was still down by 55.8 per cent compared to its peak of 2,050 units in April 2010.

SRX's overall median Transaction Over X-Value (TOX), which measures how far or below computer-generated market values units are actually going for, rose to S$5,000 in April from zero in March.

For districts with more than 10 resale transactions in April, district 16 (Bedok and Upper East Coast) and 21 (Clementi Park and Upper Bukit Timah) posted the highest median TOX of S$37,000.

Among relatively active districts, district 11 (Newton and Novena) posted the most negative median TOX of -S$40,000.

The Straits Times

Source: SRX (11 May 2017)

4 Ways to Make Sure Your Old HDB Flat is a Decent Retirement Asset - MoneySmart

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There’s been a lot of talk lately about how older HDB flats are an unwise purchasing decision.

Sure, the possibility of outliving your HDB flat is a good argument for an early death.

But whether you’ve already shelled out the cash for an old flat, or are living in an old flat 

your parents bought decades ago, there are still ways you can squeeze a bit more cash 

out of your home to boost your retirement, before the lease finally runs out, such as the following.

Rent out rooms in your flat

Since the resale value of your flat will fall on the tail end of its lease, if you intend to hold on 

to it in the long-term, the main way you can monetise it is by renting out the rooms or, 

if you have alternative accommodation arrangements, to rent out the entire flat while you 

live somewhere else.

If you don’t mind living with others, you can earn a considerable amount even if you continue

to live in the flat. For instance, I have a friend who lives in one of those two-storey 

maisonettes in a central mature estate, and earns around $24,000 a year renting out the 

spare rooms.

Sell the flat in under 10 years

For now, the demand for older HDB flats in attractive mature estates remains high, thanks

 to young couples who are willing to pay a premium for a good location and a bigger flat.

So barring a property market crash, you might still be able to get a decent price on your 

flat—but only if you sell it before it can get much older, say in under 10 years. 

Flats between 20 and 40 years old tend to not to experience huge falls in price.

It is when the flat reaches the age of 65 that it experiences the sharpest decline in value—or

at least, that’s what analysts have gleaned from past buyer behaviour. If you haven’t sold 

your flat by then, you’re probably better off living in it for the rest of its (or your) life.

So why would you want to shell out a huge downpayment on an old flat, only to sell it in 

10 years’ time? Well, some couples might want to live in a more central location to save 

time and energy commuting when their kids are young and need to be ferried to/from 

school and childcare. Others may not want to wait years for a BTO and decide to go for a 

resale flat, so why not one in a better area?

Apply for the Silver Housing Scheme

Selling your flat and downgrading is one way to use your home to fund your retirement. 

This gets complicated when you’re living in an old flat, as you won’t be able to sell it for 

much towards the end of the lease.

The Silver Housing Scheme enables you to sell your flat and buy a smaller, cheaper one.

You will have to make sure the value of your existing flat hasn’t fallen to the point where 

the proceeds aren’t sufficient to buy you a new one. Some or all of what’s left of the 

sale proceeds will be paid into your CPF account. You will also receive a cash bonus of 

up to $20,000 depending on your income.

You must be aged above age 55, own a bigger HDB flat and have a monthly household 

income of under $12,000 to qualify.

Pray your flat will be selected for SERS

If your flat is selected for SERS, you’ve hit the jackpot. You get to trade in your aging flat 

for a brand new one with a 99-year lease, located not far from your previous home. 

You’ll also receive cash from the government.

However, the government has warned that not old HDB flats will qualify for SERS 

(Selective En bloc Redevelopment Scheme). Whether yours will qualify depends 

on a combination of luck and smarts in picking the right property. For instance, you want to 

pick a flat in a central location that’s likely to experience escalating land values. 

Flats that are in lower-density buildings also tend to be more likely to get selected for en bloc.

This is definitely not a strategy you want to bank your life savings on. But if you’re already 

in the situation where you’ve got an old flat on your hands, you might want to start 

believing in the power of prayer.

Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.

Source: MoneySmart (2 May 2017)

Analysts expect more homes as sites revert back to the state - PropertyGuru

With sites earmarked for residential use returned to the government or placed temporarily for 

alternative uses, analysts expect to see more homes in sought after areas such as Paterson Road and Tanglin Road in the city, reported The Straits Times.

Notable sites include the former Overseas Family School plot in Paterson Road and the former 

Ministry of Home Affairs Phoenix Park site in Tanglin Road.

JLL expects the 25F Paterson Road site to yield 450 to 700 homes with an average size of 100 sq m, 

based on the location’s two current plot ratio guidelines of 2.8 and 4.9.

Colliers Singapore estimates that 850 to 1,100 homes of 800 sq ft to 1,000 sq ft on average could be 

built on the Phoenix Park site based on its current plot ratio of 1.4.

While development sites in these areas would excite developers, analysts do not expect the government 

to put them on the market any time soon.

“I don’t think there’s any hurry to sell the sites. It’s probably going to be five to 10 years down the road. 

Land bidding is so hot, they would just be adding fuel to the fire,” explained Nicholas Mak, 

executive director of SLP International Property Consultants.

Meanwhile, potential development sites could also rise outside the city area, with the return of the 

Henderson Secondary and Bedok Town Secondary sites to the government.

“The former Henderson and Bedok Town secondary schools will be suitable for Housing Board flats, 

as the Government intends to introduce more flats in mature estates for buyers who wish to live closer 

to their parents,” said Cushman & Wakefield research director Christine Li.

This article was edited by Denise Djong.

Source: PropertyGuru (08 May 2017)

Proportion of HDB flats in housing stock dips - SRX

Over the past 10 years, even though more Housing Board flats have been built, they now make up a smaller proportion of Singapore's total housing stock.

Last year, the 1,011,000 HDB flats made up 73 per cent of total housing stock. This is down from 78 per cent- or 880,000 units - in 2006, Minister for National Development Lawrence Wong told Parliament yesterday.

And it is also down from 85 per cent in 1996, a check by The Straits Times showed.

Meanwhile, the number of private condo units and landed homes increased from 243,000 to 372,000 over the same period, with its proportion of the overall dwelling units growing from 22 per cent to 27 per cent.

Responding to a question from Mr Gan Thiam Poh (Ang Mo Kio GRC), Mr Wong said this proportion is expected to remain stable over the next few years, with 72 per cent out of all dwelling units projected to be HDB flats in 2020.

This ratio only refers to the housing stock, not the proportion of people living in HDB flats, which is still around 80 per cent, he added.

Minister for National Development Lawrence Wong said this proportion is expected to remain stable over the next few years, with 72 per cent out of all dwelling units projected to be HDB flats in 2020.

Senior Minister of State for National Development Dr Koh Poh Koon said some 56,000 out of all HDB flats are public rental flats, which cater to a yearly average of 2,600 households who move in.

In the past 10 years, about 1,600 households returned their rental flats and now have their own homes, said Dr Koh.

Mr Wong also revealed that less than 2 per cent of Build-To-Order (BTO) home buyers who had been invited to collect their keys had asked for a deferment in the whole of 2016 and the first quarter of this year.

While a majority were able to sell their existing flat, 45 buyers eventually cancelled their new flat bookings and paid the forfeiture, he said.

Mr Wong said: "The main reasons... include changes to the buyers' overall financial circumstances or they no longer wished to proceed with the new flat purchase for their own personal reasons."

He also reminded buyers to be prudent and take into account possible changes in the market if they plan to finance their new home with the existing flat's sales proceeds.

Mr Zaqy Mohamad (Chua Chu Kang GRC) asked if HDB could exercise more leniency, as he has come across several cases of buyers unable to let go of their current flat due to the slow resale market.

Mr Wong said HDB already "exercises flexibility and grants time extensions" to buyers to sell their flats and complete their transactions.

"For the minority who chose not to (complete the purchase), if there are financial hardships, we can look at the particular case at hand and waive the forfeiture that they have to pay," said Mr Wong.

The Straits Times

Source: SRX (09 May 2017)

Lum Chang snags first en bloc site this year for S$65m - SRX

The price translates to a land rate of S$1,664 per square foot (psf), based on the site area of 3,629.1 sq m (39,063 sq ft).



The option to purchase all 13 strata units and common areas in the residential property was exercised on Friday by Lum Chang Auriga Pte Ltd, a wholly owned subsidiary of the group. The transaction is subject to approval by the Strata Titles Board.

Owners at One Tree Hill Gardens are expected to receive between S$4.3 million and S$9.1 million in gross sale proceeds.

Lum Chang Holdings non-executive director Kelvin Lum, a son of Lum Chang managing director David Lum, said the group is planning to build "bespoke landed homes to suit the needs and tastes of individual buyers".

The freehold site is expected to accommodate up to 15 landed units, with the launch date likely to be next year.

The purchase price is below the owners' asking price of S$72.8 million, but marketing agent Knight Frank's head of investment and capital markets Ian Loh said the psf pricing on land area is comparable to those in recent transactions of landed homes in the vicinity.

But because the developer's offered price is lower than the confidential reserve price, owners had to go through another round of garnering the requisite 80 per cent consensus.

"While developers are seeking to replenish their land bank, they are expected to be price sensitive and selective about sites," Mr Loh said.

The plot of land now houses six maisonettes and seven apartments. Under the 2014 Master Plan, it is zoned residential for two-storey semi-detached houses. Located at the junction of One Tree Hill and Jalan Arnap, the site is 300 m from the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line.

Mr Lum said: "Landed homes in the area are hard to come by, so we think there is a market for this landed housing. We think it's a good opportunity to be active in development in Singapore."

Lum Chang's last residential development projects here were two executive condominium projects which it jointly developed with Frasers Centrepoint Limited, namely, Twin Fountains (launched in 2013) and Esparina Residences (2010). Lum Chang had minority stakes in both.

The collective sales market has turned around from the doldrums of 2014-2015, stirred to life by the 2016 success of three residential en bloc deals worth more than S$1 billion.

More property owners are thus embarking on the collective sale process this year. Owners at Lagoon View, a leasehold project in Marine Parade with a land size of over 500,000 sq ft, have set up a sales committee and are looking to engage consultants. The current plot ratio of the 480-unit project is 1.9, below the maximum plot ratio of 2.8.

Projects farther along in the pipeline for en bloc sale include the 12-unit, freehold Dunearn Court, which is said to be close to garnering an 80 per cent consensus from its owners. Amber Park in Katong is said to be at the halfway mark of the requisite consensus level; progress is being made in Cairnhill Mansion in District 9, Villa D'este in District 10 and Florence Regency (a former HUDC estate in Hougang Avenue 2).

The tender for Rio Casa, a former HUDC estate in Hougang with a 36,811.1 sq m area, closes on May 23. Owners are expecting offers of more than S$450.8 million.

CBRE director for investment properties Galven Tan said developers are generally hungrier now and thus more willing to compete for sites with good attributes "based on their views of what the right market value is".

JLL regional director for capital markets Tan Hong Boon noted that owners' pricing has to be reasonable to attract competitive bids from developers and to secure the best price. If owners are asking for higher prices, it may take longer for them to conclude a sale, he said.

The Business Times

Source: SRX (08 May 2017)

HDB resale volumes, prices ease in April 2017 - SRX

PRICES as well as transaction volumes of Housing & Development Board (HDB) resale flats fell last month, according to the latest flash estimates from SRX Property. Its price index for HDB resale flats fell 0.3 per cent last month over March 2017 - reversing the 0.3 per cent month-on-month gain posted in March 2017.

Year on year, the price index also shed 0.3 per cent from April 2016. From the peak in April 2013, the index has slipped 11.4 per cent.

The subindex tracking prices of flats in mature estates has eased 0.2 per cent year on year - compared with a 0.4 per cent fall in non-mature estates over the same period.

Data compiled by SRX Property estimated that the volume of HDB flats resold shrank 4 per cent to 1,834 units last month from 1,910 units in March 2017. Year on year too, the figure was 0.9 per cent lower than the 1,850 units resold in April 2016.

The resale volume was 49.7 per cent lower than the peak of 3,649 units in May 2010.

OrangeTee's head of research and consultancy Wong Xian Yang expects HDB resale prices to fluctuate within a band of minus one per cent to plus one per cent this year - with several factors keeping prices sideways.

"Demand remains healthy due to a growing belief that resale HDB prices have more or less stabilised and are unlikely to show a major correction - barring an unexpected deterioration in economic conditions," he said.

"Moreover, the increase in the CPF Housing Grant announced in this year's Budget for first-timer families buying resale HDB flats should provide more incentive for eligible families to look at the resale market. This should drive slightly more demand towards the resale market and help support prices," said Mr Wong.

That said, the prevailing loan curbs, a healthy pipeline of Build-to-Order flats from the HDB and an uncertain economic climate will continue to hold back a robust recovery in resale HDB prices, he added.

He expects HDB resale volumes to grow around 2 to 5 per cent in 2017.

Savills Singapore research head Alan Cheong highlighted National Development Minister Lawrence Wong's cautionary statement in March against paying high prices for older resale HDB flats with short balance leases - in anticipation of a potential windfall if the block is selected for the government's Selective En-bloc Redevelopment Scheme (Sers). Only a small minority of HDB flats are picked for Sers; for the vast majority of HDB flats, their leases will eventually run out and the flats returned to HDB, which in turn will surrender the land to the state, Mr Wong said.

Giving his take, Mr Cheong of Savills reasoned: "With this statement weighing on the minds of potential buyers, sellers of older HDB flats in sought-after estates may have to temper their expetations. This is likely to result in a further delay in the price recovery for such resale flats.

"However, the flip side of this is that HDB flat owners who can afford to upgrade to private properties may now be more motivated to do so since they now have better clarity about the fate of their current abode as the lease runs out."

The Business Times

Source: SRX (05 May 2017)

HDB market to see positive growth in 2H 2017 - PropertyGuru

Romesh Navaratnarajah • April 28, 2017

HDB resale flat prices fell 0.5 percent in Q1 2017.

Resale flat prices in Singapore fell 0.5 percent in Q1 2017 from the previous quarter, according to 

more detailed statistics released by the Housing and Development Board (HDB) this morning.

The resale price index, which tracks the overall price movement of the public residential market, 

dropped to 133.9 from 134.6 in Q4 2016.

In the same period, resale flat transactions fell 9.6 percent to 4,530 cases.

Calling it a “marginal” price drop, Mohamed Ismail, CEO of PropNex Realty, noted that the first quarter 

of the year usually sees fewer activities in the market, with a lower number of transactions due to the 

Chinese New Year holidays and February being a shorter month.

“We are confident that HDB resale transactions in 2017 will likely hit the 22,000 mark due to the current 

stable environment in terms of pricing and the non-existence of COV (Cash Over Valuation) for more than 80 percent of transactions in the resale market,” said Ismail.

He added: “2017 will witness a positive growth in the second half of the year with an overall stable price

 movement of about -1 to +1 percent.”

On a quarterly basis, the number of applications approved for subletting of HDB flats 

dropped 6.5 percent to 9,981 cases in Q1. As at 31 March, there were 53,360 HDB flats being sublet,

 an increase of 0.8 percent from Q4 last year.

Meanwhile, the HDB said it will launch about 4,600 Build-To-Order flats and around 3,000 balance flats

 for sale in May.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, 
wrote this story. To contact him about this or other stories, 
email romesh@propertyguru.com.sg

Source: PropertyGuru

Private home prices down for 14th consecutive quarter - PropertyGuru

Romesh Navaratnarajah • April 28, 2017

Prices of landed properties registered the largest decline of 1.8 percent in Q1 2017. 

Prices of private residential properties fell 0.4 percent in Q1 2017, following a 0.5 percent drop in
the previous quarter, according to data released on Friday (28 April) by the
Urban Redevelopment Authority. This is the 14th consecutive quarter of overall price decline.

Prices of non-landed properties remained unchanged, after falling 0.8 percent in Q4 2016.

Specifically, prices in the Core Central Region (CCR) declined 0.4 percent, compared with the
previous 0.1 percent increase.

In the Rest of Central Region (RCR) and Outside Central Region (OCR), prices rose 0.3 percent and
0.1 percent, compared with the 2.0 percent and 0.6 percent decrease in the previous quarter,
respectively.

Dr Lee Nai Jia, Head (SEA) Research at Edmund Tie & Co., said home prices in the RCR and
OCR were boosted by strong take-up rates at new launches.

“For instance, Park Place Residences at PLQ, with a median price of $1,805 psf in Q1,
sold 217 units out of 429 units in the project. Grandeur Park Residences also sold around 67 percent,
or 236 units, at $1,406 psf,” said Lee, who expects prices to remain largely stable this year.

Meanwhile, prices of landed properties registered the largest decline of 1.8 percent, after
rising 0.8 percent in the quarter before.

Said Lee: “The decline in price index may reflect only transactions of sellers in a weaker
bargaining position. The values of freehold landed homes, especially those that are well-maintained,
close to natural amenities like the seaside or hills, or in choice locations, are more resilient.”

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. 
To contact him about this or other stories, email romesh@propertyguru.com.sg

Source: PropertyGuru

More first-timers turn to the resale market - PropertyGuru

Larger pool of flats in desirable locations attracts more first-time buyers to turn to the resale market.

Despite the top priority given to them for new flats, one in five first-time buyers of Housing Board homes preferred a resale unit over a Build-To-Order (BTO) unit last year, reported The Straits Times citing HDB data.

HDB figures showed that 3,441 Singaporean families purchased a resale flat with a housing grant in 2016, accounting for 19 percent of all flat acquisitions made by first-time buyers using government subsidies or grants. The other 14,273 opted for subsidised BTO units.

In contrast, only nine percent or 1,980 families turned to the resale market in 2012.

Market experts attribute the hike to the slide in prices over the past four years and the larger pool of flats in desirable locations.

Citing flats in Holland Drive and Pinnacle@Duxton in Tanjong Pagar, Ku Swee Yong, chief executive officer of International Property Advisor, said young families looking for “homes in better locations now have good-quality stock to choose from”.

In concurring, Nicholas Mak, executive director of SLP International said: “First-timers today are in a better state than their counterparts about seven years ago. Resale prices have softened, and there are more grants, so they feel more comfortable about buying a resale home.”

And with the recently enhanced Central Provident Fund Housing Grant, in which buyers can get up to S$50,000 from S$30,000 previously, HDB expects more first-time buyers to look to the resale market.

However, it expects prices of resale flats to remain stable.

 Source: PropertyGuru (03 May 2017)

Pace of decline slows amid property slump - SRX

Prices fell across the private residential, commercial and resale public housing segments in the first quarter, with the losing streak for private homes extending to 14 quarters - the longest slump in 13 years.

But analysts said the slower pace of decline and brisk sales in the first quarter suggest the market could bottom out this year.

Overall private home values dipped by 0.4 per cent from the fourth quarter to the first, led by the landed property segment, data from the Urban Redevelopment Authority showed yesterday.

The price drop was slightly smaller than the 0.5 per cent fall from the third quarter to the fourth.

Said Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia: "This indicates the trough of the market is at hand."

Private home values had fallen by 11.6 per cent as of March 31 since a peak in the third quarter of 2013, as cooling measures tamed demand.

Sentiment has turned more positive in recent months - owing to the easing of cooling measures last month and an improvement in the economy - drawing buyers back.

Lawyer Ng Wymin, 53, told The Straits Times he is considering buying another apartment, after the purchase of a three-bedder in OUE Twin Peaks last year. The Malaysian said: "I am certain it is the right time now. The market has been down for the last three to four years. There is value in residential properties in Singapore, especially in the city area."

The first quarter saw the highest private home sales in 15 quarters at 5,202 units - including 2,962 new sales but not counting executive condos (ECs), and 2,170 resale transactions. Healthy sales led to unsold inventory of uncompleted private homes hitting a record low of 15,930 units, excluding ECs, as of March 31.

"Barring any sudden deterioration in economic conditions, (sales) volumes are expected to continue to grow as market sentiment remains bullish," said Mr Wong Xian Yang, head of research and consultancy at OrangeTee.

Despite the overall dip in private home prices, there are pockets of recovering segments. Condo prices stayed flat from the fourth quarter to the first - the first time in 14 quarters that the non-landed price index was stable, consultancy JLL said.

In the non-landed private home segment, values rose 0.3 per cent in the city fringe and 0.1 per cent in the suburbs, amid strong demand for new launches. But prices of homes in the core central region fell by 0.4 per cent. New suburban projects included The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah. Park Place Residences At PLQ in Paya Lebar helped prop up city-fringe prices.

Landed home prices fell by 1.8 per cent in the first quarter from the last three months of last year, reversing a 0.8 per cent rise from the third quarter to the fourth last year.

"The demand for landed housing is curtailed by the property market curbs and the restrictions on foreigners purchasing this type of real estate," said SLP International Property Consultants executive director Nicholas Mak.

The leasing market stayed weak in the first quarter, as rents of private homes fell by 0.9 per cent, following a 1 per cent dip in the previous quarter. Vacancies improved slightly, falling by 0.3 percentage point from the fourth quarter to 8.1 per cent as of March 31.

In public housing, resale prices fell by 0.5 per cent in the first quarter, the Housing Board said. It was steeper than the 0.1 per cent slide from the third to fourth quarter.

Consultancy Edmund Tie & Company said the decline is "likely a blip", and expects the optimism in the private home market to possibly spill over to the HDB market.

HDB resale transactions also fell by 9.6 per cent from the fourth quarter to 4,530 in the first quarter, due largely to the Chinese New Year lull.

The Straits Times

Source: (02 May 2017)

Release of 1st Quarter 2017 real estate statistics - URA

Published Date: 28 Apr 2017

The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20171.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

* Figures excluding Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 0.4 % in 1st Quarter 2017, compared with the 0.5% decline in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties declined by 1.8%, compared with the 0.8% increase in the previous quarter. Prices of non-landed properties remained unchanged, compared with the 0.8% decline in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 0.4%, compared with the 0.1% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) increased by 0.3% and 0.1% respectively, compared with the 2.0% and 0.6% decrease in the previous quarter respectively (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties fell 0.9%, compared with the 1.0% decline in the previous quarter.

Rental Index of private residential properties

Rentals of landed properties fell 2.3%, compared with the 3.2% decline in the previous quarter. Rentals of non-landed properties decreased by 0.7%, the same rate of decline in the previous quarter.

Rentals of non-landed properties CCR and RCR decreased by 0.7% and 1.2% respectively, compared with the 0.4% and 0.1% decrease in the previous quarter. Rentals in OCR rose 0.4%, compared with the 2.0% decrease in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 1,949 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2017, compared with 2,944 units in the previous quarter (see Annex C-1).

Developers sold 2,962 private residential units (excluding ECs) in 1st Quarter 2017, compared with the 2,316 units sold in the previous quarter (see Annex D).

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

Developers launched 1,024 EC units for sale in 1st Quarter 2017 and sold 1,072 EC units over the same period (see Annex F), compared with the 93 EC units launched and 734 units sold in the previous quarter.

Resales and Sub-sales

There were 2,170 resale transactions in 1st Quarter 2017, compared with the 1,944 units transacted in the previous quarter. Resale transactions accounted for 41.7% of all sale transactions in 1st Quarter 2017, compared with 44.3% in the previous quarter (see Annex D).

There were 70 sub-sale transactions in 1st Quarter 2017, compared with the 125 units transacted in the previous quarter. Sub-sales accounted for 1.3% of all sale transactions in 1st Quarter 2017, compared with 2.9% 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 2017, there was a total supply of 36,9423 uncompleted private residential units (excluding ECs) in the pipeline, compared with the 40,913 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 15,930 units remained unsold as at 1st Quarter 2017 (see Annexes B-1 & B-2).

After adding the supply of 9,074 EC units in the pipeline, there were 46,016 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 2,940 units remained unsold. In total, 18,870 units (including ECs) remained unsold. 

Total number of unsold private residential units in the pipeline

 

Based on the expected completion dates reported by developers, 14,242 units (including ECs) will be completed in the remaining three quarters of 2017. Another 13,278 units (including ECs) will be completed in 2018.

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

Note: 4,307 private residential units and 561 executive condominiums were completed (i.e. obtained TOP) in 1Q2017.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 4,230 units in 1st Quarter 2017, compared with an increase of 4,433 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,985 units in 1st Quarter 2017, compared with an increase of 5,072 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased from 8.4% at the end of the previous quarter to 8.1% at the end of 1st Quarter 2017 (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 2017 in CCR, RCR and OCR were 9.6%, 8.4% and 7.2% respectively, compared with the 9.6%, 9.6% and 7.1% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space decreased by 4.0% in 1st Quarter 2017, compared with the 0.6% decline in the previous quarter (see Annex A-1). Rentals of office space fell by 3.4% in 1st Quarter 2017, compared with the decline of 1.8% in the previous quarter (see Annexes A-3 & A-5).

Property Price Index of office space

Rental Index of office space in Central region

Supply in the Pipeline

As at the end of 1st Quarter 2017, there was a total supply of about 826,000 sq m GFA of office space in the pipeline, compared with the 786,000 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: 97,000 sqm of office space was completed (i.e. granted TOP) in 1Q2017

Stock and Vacancy

The amount of occupied office space decreased by 6,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space increased by 31,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 66,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 1st Quarter 2017 rose to 11.6%, from 11.1% 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 4.0% in 1st Quarter 2017, compared with the increase of 0.2% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 2.9% in 1st Quarter 2017, compared with the decrease of 1.2% 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 1st Quarter 2017, there was a total supply of 606,000 sq m GFA of retail space from projects in the pipeline, compared with the 595,000 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: 25,000 sqm of retail space was completed (i.e. granted TOP) in 1Q2017.

Stock and Vacancy

The amount of occupied retail space decreased by 41,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 66,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 29,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 10,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.7% at the end of 1st Quarter 2017, 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 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

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Summary of Key Information for 1st Quarter 2017

Annex	Title
Annex A-1 [PDF, 14kb]	Comparison of Property Price Index for 4th Quarter 2016 and 1st Quarter 2017
Annex A-2 [PDF, 16kb]	Price Indices of Non-Landed Properties by Market Segment
Annex A-3 [PDF, 14kb]	Comparison of Rental Index for 4th Quarter 2016 and 1st Quarter 2017
Annex A-4 [PDF, 17kb]	Rental Indices of Non-Landed Properties by Market Segment
Annex A-5 [PDF, 93kb]	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, 11kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 16kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 [PDF, 17kb]	Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 [PDF, 81kb]	Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D [PDF, 154kb]	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 1st Quarter 2017
Annex E-2 [PDF, 86kb]	Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2017
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 2017
Annex E-4 [PDF, 16kb]	Vacancy of Private Residential Units by Market Segment
Annex F [PDF, 90kb]	Number of Executive Condominium Units Launched and Sold in the Quarter

Source: URA