The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 2021.1
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties increased by 3.3% in 1st Quarter 2021, compared with the 2.1% increase in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties increased by 6.7% in 1st Quarter 2021, compared with the 1.6% decrease in the previous quarter. Prices of non-landed properties increased by 2.5% in 1st Quarter 2021, compared with the 3.0% increase in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) increased by 0.5% in 1st Quarter 2021, compared with the 3.2% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 6.1%, compared with the 4.4% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.1%, compared with the 1.8% increase in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties increased by 2.2% in 1st Quarter 2021, compared with the 0.1% increase in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties increased by 0.6% in 1st Quarter 2021, compared with the 0.7% increase in the previous quarter. Rentals of non-landed properties increased by 2.4%, compared with the 0.1% decrease in the previous quarter.
Rentals of non-landed properties in CCR increased by 2.9%, compared with the 1.2% decrease in the previous quarter. Rentals in RCR increased by 2.0%, compared with the 0.9% increase in the previous quarter. Rentals in OCR increased by 2.1%, compared with the 0.9% increase in the previous quarter (see Annexes A-3 & A-4).
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Launches and Take-up
Developers launched 3,716 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2021, compared with 3,147 units in the previous quarter (see Annex C-1).
Developers sold 3,493 private residential units (excluding ECs) in 1st Quarter 2021, compared with the 2,603 units sold in the previous quarter (see Annex D).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 700 EC units for sale in 1st Quarter 2021, and sold 647 EC units in the quarter (see Annex F). In comparison, developers did not launch any EC units and sold 133 EC units in the previous quarter.
Resales and Sub-sales
There were 4,519 resale transactions in 1st Quarter 2021, compared with the 4,249 units transacted in the previous quarter. Resale transactions accounted for 55.8% of all sale transactions in 1st Quarter 2021, compared with 61.3% in the previous quarter (see Annex D).
There were 88 sub-sale transactions in 1st Quarter 2021, compared with the 77 units transacted in the previous quarter. Sub-sales accounted for 1.1% of all sale transactions in 1st Quarter 2021, same as that 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 2021, there was a total supply of 48,139 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 49,307 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 21,602 units remained unsold as at the end of 1st Quarter 2021, compared with the 24,296 units in the previous quarter (see Annexes B-1 & B-2).
After adding the supply of 4,113 EC units in the pipeline, there were 52,252 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 2,133 units remained unsold. In total, 23,735 units with planning approvals (including ECs) remained unsold, down from 26,426 units in the previous quarter.
Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 4,942 units (including ECs) are expected to be completed in the remaining 3 quarters of 2021. Another 11,264 units (including ECs) are expected to be completed in 2022.
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Pipeline supply of private residential units and ECs (with planning approvals) by expected year of completion
Apart from the 23,735 unsold units (including ECs) with planning approval as at the end of 1st Quarter 2021, there is a potential supply of around 3,840 units (including ECs) from Government Land Sales (GLS) sites that have not been granted planning approval yet.5
The supply of private housing in the pipeline, including from GLS sites, will sufficiently cater to the housing needs of the population when completed over the next few years. The Government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, where necessary, to ensure it remains adequate in meeting demand.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 1,777 units in 1st Quarter 2021, compared with the increase of 884 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,942 units in 1st Quarter 2021, compared with the decrease of 2,339 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.4% as at the end of 1st Quarter 2021, from 7.0% in the previous quarter (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
Vacancy rates of completed private residential properties as at the end of 1st Quarter 2021 in CCR, RCR and OCR were 9.5%, 6.1% and 5.3% respectively, compared with the 11.0%, 7.3% and 5.1% in the previous quarter (see Annex E-4).
Source: URA (30-Jun-21)
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