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.
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.
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).
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.
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.
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).
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).
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).
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.
(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).
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).
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)
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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).
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.
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.
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.
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.
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.
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).
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).
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).
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).
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).
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).
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).
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).
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.
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. |
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