Share Printer-friendly version

News Releases

22 October 2010

Release of 3rd Quarter 2010 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for the 3rd Quarter 2010.

SUMMARY

Prices of private residential, office, shop and industrial properties increased by 2.9%, 6.2%, 1.3% and 8.3% respectively in the 3rd Quarter 2010.

Rentals of private residential properties, office, shop and industrial properties increased by 3.6%, 6.0%, 0.8% and 4.8% respectively in the 3rd Quarter 2010.

As at 3rd Quarter 2010, there were 64,358 private residential units in the pipeline, comprising supply from projects already under construction and those that had been granted planning approval but where construction had not yet commenced. Of these, 33,771 units were still unsold. This number is equivalent to about 3 years of supply based on the average take-up1 of about 11,300 units per year over the last 3 years. For the office sector, there was a pipeline supply of about 887,000 sq m Gross Floor Area (GFA) of office space from various Government and private land sources. Of the supply in the pipeline, about 36,796 private residential units and about 762,000 sq m GFA of office space were expected to be completed between 4th Quarter 2010 and 2013. This is based on developers’ declarations. The actual completion schedule may change from quarter to quarter as developers adjust their development plans or construction schedule according to market conditions.

PRIVATE RESIDENTIAL PROPERTIES

Prices

Overall prices of private residential properties increased by 2.9% in 3rd Quarter 2010, compared with the 5.3% increase in the previous quarter (see Annexes A-1, A-6 & A-7).

Prices of non-landed properties increased by 1.6% in 3rd Quarter 2010, compared with the 5.0% increase in the previous quarter. Prices of apartments increased by 3.1%, while prices of condominiums increased by 1.1%.

Prices of non-landed properties in Core Central Region2 (CCR) increased by 1.6% in 3rd Quarter 2010, and prices of non-landed properties in Rest of Central Region3 (RCR) and Outside Central Region (OCR) increased by 2.3% and 2.2% respectively (see Annex A-2).

Prices of landed properties increased by 7.7% in 3rd Quarter 2010, compared with 6.2% in the previous quarter. Prices of detached, semi-detached and terrace houses increased by 8.4%, 7.5% and 7.2% respectively in 3rd Quarter 2010.

The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view the data on individual uncompleted private residential projects at the following url: http://www.ura.gov.sg/realEstateWeb/price.jsp. The database also provides information on projects with units still available for sale.

Besides the data on developers’ sale of uncompleted units, home-buyers can also access information on all private residential property transactions on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/transaction.jsp. This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.

Rentals

Rentals of private residential properties4 increased by 3.6% in 3rd Quarter 2010, compared with the 5.9% increase in the previous quarter (see Annex A-3).

Rentals of non-landed properties in CCR, RCR and OCR increased by 3.6%, 3.7% and 3.6% respectively in 3rd Quarter 2010 (see Annexes A-3 & A-4).

In addition, URA also released data on the 25th percentile, median and 75th percentile rentals for individual private residential projects for 3rd Quarter 20105. The data on the rentals of individual private residential projects are available on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/rental.jsp.

Supply in the Pipeline

As at the end of 3rd Quarter 2010, there was a total supply of 64,358 uncompleted units of private housing from projects in the pipeline6 (see Annex E-1). Of these, 33,771 units were still unsold. These comprised 3,248 units that had been launched for sale by developers and 11,382 units which had the pre-requisite conditions for sale and could be launched for sale immediately. The remaining 19,141 units with planning approvals did not have the pre-requisite conditions for sale7 (see Annex B-1). Details of the number of unsold private residential units with planning approvals in the 3 market segments are given in Annex B-2.

Of the 64,358 units, 36,796 units were expected to be completed between the 4th Quarter 2010 and 2013, of which 28,047 units were already under construction8. Developers had obtained planning approvals9 for projects making up the remaining 8,749 units (see Annex E-2).

URA also released detailed data on supply in the pipeline by market segment, development status and expected year of completion at the following url: http://www.ura.gov.sg/real_estate/pipeline_supply. This is to enable the public to have a more comprehensive picture of supply coming on-stream over the next few years in the private housing market. Of the 64,358 uncompleted units of private housing from projects in the pipeline, 20,965 units, 18,220 units and 25,173 units were in CCR, RCR and OCR respectively.

In addition to the supply in the pipeline above, the Government had in May 2010 ramped up the supply of private housing via the Government Land Sales (GLS) Programme for the 2nd Half of 2010 (2H2010) to meet the strong demand for private housing and land for residential developments. This comprises 18 sites that can potentially yield 8,135 private residential units on the Confirmed List, and 13 sites that can potentially yield another 5,770 private residential units on the Reserve List. Collectively, the GLS Programme can potentially yield 13,905 private residential units. This is the highest potential supply quantum from any half yearly GLS Programme since the Confirmed List/Reserve List system started in 2H2001. It is also over and above the supply of 6,270 units from 16 sites that were earlier sold under the GLS Programme for the 1st Half of 2010 (1H2010). Most of the sites in the 1H2010 and 2H2010 GLS Programmes are located in OCR or in locations in RCR where more affordable private housing is expected to be built.

Launches and Take-up

A total of 3,501 uncompleted private residential units were launched for sale by developers in 3rd Quarter 2010, compared with 4,180 units in 2nd Quarter 2010. Of the 3,501 uncompleted units launched in the quarter, 585 units were in CCR, 1,273 units were in RCR, and 1,643 units were in OCR (see Annex C-1). Major residential projects launched in the quarter included The Scala at Serangoon Avenue 3 (468 units), NV Residences at Pasir Ris Grove (380 units of a total of 1,394 units), The Greenwich at Yio Chu Kang Road/Seletar Road (266 units of a total of 319 units), Terrene at Bukit Timah at Toh Tuck Drive (172 units), and 368 Thomson at Thomson Road (157 units).

In 3rd Quarter 2010, 3,561 uncompleted private residential units were sold by developers, compared with 3,955 units in 2nd Quarter 2010. Of the 3,561 uncompleted units sold in the quarter, 484 units were in CCR, 1,324 units were in RCR, and 1,753 units were in OCR (see Annex C-2). Developers also sold 77 completed private residential units in 3rd Quarter 2010.

Sub-sales

The total number of sub-sales was 703 in 3rd Quarter 2010, compared to 880 sub-sales in the previous quarter. In percentage terms, sub-sales accounted for 8.3% of all sale transactions in 3rd Quarter 2010, compared to 8.7% in 2nd Quarter 2010. The number of sub-sales in CCR in 3rd Quarter 2010 accounted for 15.2% of the property sale transactions in this area in the quarter, compared to 15.8% in the previous quarter. The percentage of sub-sales in 3rd Quarter 2010 for RCR, at 8.6%, was higher than the 7.5% in the previous quarter. In OCR, the percentage of sub-sales in 3rd Quarter 2010 was 5.5% which was lower than the 6.6% in the previous quarter (see Annex D).

Stock and Vacancy

A total of 2,581 private residential units were completed (granted TOP) in 3rd Quarter 2010. Major residential projects completed in the quarter were The Parc Condominium at West Cost Walk (659 units), The Seafront On Meyer at Meyer Road (327 units), Aalto at Meyer Road (196 units), St Thomas Suites at St. Thomas Walk (176 units) and Lumiere at Mistri Road (168 units).

The vacancy rate of completed private residential units decreased from 5.4% as at the end of 2nd Quarter 2010 to 5.2% as at the end of 3rd Quarter 2010 (see Annex E-1).

Executive Condominiums

As at the end of 3rd Quarter 2010, there were 2,199 Executive Condominium (EC) units in the pipeline. In addition, another 1,900 EC units can come from EC sites which were sold or released for sale by the Government in 2nd Half of 2010. HDB will also release more EC sites that can yield up to 4,000 units in 2011, if demand is sustained.

The total stock of completed EC units remained at 10,430 units as at the end of 3rd Quarter 2010. As at the end of 3rd Quarter 2010, the vacancy rate was 0.8%, higher than the 0.4% as at the end of the previous quarter (see Annex E-1).

OFFICE SPACE

Rentals

Overall rentals for office space, based on leases which had commenced, increased by 6.0% in 3rd Quarter 2010, compared with an increase of 1.1% in 2nd Quarter 2010 (see Annex A-3).

The median rental for “Category 1”10 office space, based on leases which had commenced, was $8.45 per square foot per month (psf pm) in 3rd Quarter 2010, slightly higher than the median rental of $8.26 psf pm in 2nd Quarter 2010. The median rental for “Category 2”11 office space was $5.05 psf pm in 3rd Quarter 2010, higher than the median rental of $4.76 psf pm in 2nd Quarter 2010 (see Annex A-5). As “Category 2” office space accounts for about 80% of all office space in Singapore, the rental for such space is more reflective of the typical rental paid by office tenants in Singapore. These statistics were compiled based on IRAS’ records of rental contracts in Singapore where the leases had commenced in 3rd Quarter 2010.

The median rentals for “Category 1” and “Category 2” office space based on rental contracts signed in 3rd Quarter 2010 were $8.47 and $5.00 psf pm respectively (see Annex A-5). These statistics were compiled based on IRAS’ records of rental contracts which were signed in the reference quarter, regardless of whether or not the leases commenced in the reference quarter12.

Prices

Prices of office space increased by 6.2% in 3rd Quarter 2010, compared with the 4.6% increase in the previous quarter (see Annex A-1).

Supply in the Pipeline

As at the end of 3rd Quarter 2010, there was a total supply of about 887,000 sq m GFA of office space in the pipeline. Of the total pipeline supply of office space, about 762,000 sq m were expected to be completed between the 4th Quarter 2010 and 2013. More detailed data on pipeline supply of office space by development status and expected year of completion are at Annex E-1 and E-2.

More supply of office space will also come from the GLS sites which were recently awarded or released for sale by the Government in 2010. This includes the white site at Jurong Gateway and the commercial site at Buona Vista. In addition, the Government has released another white site at Peck Seah Street / Choon Guan Street for sale via the Confirmed List of the GLS Programme in the 2nd Half of 2010. The tender for this site will close on 16 November 2010.

Apart from office space, as at the end of 3rd Quarter 2010, there was a total supply of about 368,000 sq m of business park space from projects in the pipeline from Government and private land sources. Business park space primarily caters to non-pollutive industries and businesses that engage in high-technology, research and development (R&D), high value-added and knowledge-intensive activities. However, some of the business park space could be used for selected office uses such as backroom operations of companies.

Stock and Vacancy

The amount of occupied office space increased by 24,000 sq m (nett) in 3rd Quarter 2010, as compared to the increase of 37,000 sq m in the previous quarter. A total of 110,200 sq m of office space were completed (granted TOP) in 3rd Quarter 2010. This included office space from the Marina Bay Financial Centre Tower 2 at Marina Boulevard (96,200 sq m) and Tokio Marine Centre at McCallum Street (10,200 sq m).

The island-wide vacancy rate of office space was 13.0% as at the end of 3rd Quarter 2010, higher than the 12.3% as at the end of 2nd Quarter 2010. The vacancy rate for “Category 1” office space increased to 17.2% as at the end of 3rd Quarter 2010, from 9.1% as at the end of 2nd Quarter 201013. The vacancy rate for “Category 2” office space as at the end of 3rd Quarter 2010 was 11.9%, compared to 13.1% as at the end of 2nd Quarter 2010 (see Annex A-5).

SHOP SPACE

Rentals

The overall rentals for shop space in Singapore, based on leases which had commenced, increased by 0.8% in 3rd Quarter 2010, compared with the 0.5% increase in the 2nd Quarter 2010 (see Annex A-3). The median rental for shop space in the Orchard Planning Area (Orchard), Rest of City Area (RCA)14 and Outside City Area (OCA) also increased to $10.25, $6.32 and $5.51 psf pm respectively in 3rd Quarter 2010 (see Annex A-5). These statistics were compiled based on IRAS’ records of rental contracts in Singapore where the leases commenced in 3rd Quarter 2010.

The median rentals for shop space in Orchard, RCA and OCA based on all rental contracts signed in 3rd Quarter 2010, regardless of whether or not the leases commenced in the quarter, were $10.25, $6.52 and $5.49 psf pm respectively (see Annex A-5).

Prices

Prices of shop space increased by 1.3% in 3rd Quarter 2010, compared with the increase of 3.9% in the previous quarter (see Annex A-1).

Supply in the Pipeline

As at the end of 3rd Quarter 2010, there was a total supply of 382,000 sq m GFA of shop space from projects in the pipeline, from Government and private land sources. Of the total pipeline supply of shop space, about 313,000 sq m were expected to be completed between the 4th Quarter 2010 and 2013. More detailed data on pipeline supply of shop space by development status and expected year of completion are at Annex E-1 and E-2.

Stock and Vacancy

The amount of occupied shop space increased by 6,000 sq m (nett) in 3rd Quarter 2010, compared with a decrease of 2,000 sq m in 2nd Quarter 2010. A total of 38,500 sq m of shop space were completed (granted TOP) in 3rd Quarter 2010. This included partially completed shop space from The Shoppes at Marina Bay Sands at Bayfront Avenue (12,400 sq m), The Clementi Mall at Commonwealth Avenue West (11,100 sq m) and Knightsbridge in Grand Park Orchard at Orchard Road (4,800 sq m).

The island-wide vacancy rate of shop space was 6.5% as at the end of 3rd Quarter 2010, compared to the 6.1% vacancy rate as at the end of 2nd Quarter 2010. The vacancy rates for shop space in Orchard, RCA and OCA as at the end of 3rd Quarter 2010 were 6.3%, 9.3% and 5.4% respectively. In comparison, the vacancy rates for shop space in Orchard, RCA and OCA as at the end of 2nd Quarter 2010 were 5.9%, 10.0% and 4.6% respectively (see Annex A-5).

INDUSTRIAL SPACE

Prices and Rentals

Prices of multiple-user factory space increased by 8.8% in 3rd Quarter 2010, compared with 5.4% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space increased by 5.3%, compared with the increase of 1.7% in the previous quarter (see Annex A-3).

Supply in the Pipeline

As at the end of 3rd Quarter 2010, there was a total supply of 2.63 million sq m GFA of factory space from projects in the pipeline, from Government and private land sources. Of the total pipeline supply of factory space, about 2.53 million sq m were expected to be completed between the 4th Quarter 2010 and 2013. More detailed data on pipeline supply of factory space by development status and expected year of completion are at Annex E-1 and E-2.

Stock and Vacancy

The amount of occupied factory space increased by 234,000 sq m (nett) in 3rd Quarter 2010, lower than the increase of 248,000 sq m (nett) in 2nd Quarter 2010. A total of 260,500 sq m of factory space were completed (granted TOP) in 3rd Quarter 2010.

The vacancy rate of factory space was 7.5% as at the end of 3rd Quarter 2010, compared with the 7.6% as at the end of the previous quarter.

URA’s REAL ESTATE INFORMATION SERVICE

More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy position of the various property sectors can be found in the Real Estate Information System (REALIS), an online database of URA.

Subscribers of REALIS can obtain the information from the system after 12.30 pm today. More information on REALIS can be found at http://spring.ura.gov.sg/lad/ore/login/index.cfm. You can also contact the REALIS hotline at 6329 3456.

 

  1. Take-up refers to the number of private residential units, including Executive Condominium (EC) units, sold by developers.
  2. Core Central Region comprises postal districts 9, 10, 11, Downtown Core Planning Area and Sentosa. A map of Central Region showing the Core Central Region (CCR) and the Rest of Central Region (RCR) is available at: http://spring.ura.gov.sg/lad/ore/login/map_ccr.pdf
  3. Rest of Central Region comprises of the area within Central Region that is outside postal districts 9, 10, 11, Downtown Core Planning Area and Sentosa. A map of Central Region showing the Core Central Region (CCR) and the Rest of Central Region (RCR) is available at: http://spring.ura.gov.sg/lad/ore/login/map_ccr.pdf
  4. URA’s rental data for private residential properties are compiled based on IRAS’ records of rental contracts for such properties where leases commenced in the reference quarter.
  5. The rental data released are for private residential projects where there were at least 10 rental transactions in the reference quarter.
  6. In this press release, supply or projects in the pipeline refers to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP). A WP is a final approval, as compared with a PP, granted under the Planning Act for a proposed development.
  7. Refers to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions.
  8. The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects.
  9. Planning approvals refer to either PP or WP.
  10. Refers to office space in buildings located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area. A map of Central Region showing the locations of Downtown Core and Orchard Planning Areas is available in URA’s website at: http://spring.ura.gov.sg/lad/ore/login/map_central_region.pdf.
  11. Refers to the remaining office space in Singapore which are not included in “Category 1”.
  12. Tenancy agreements for office space are usually signed up to 3 months before lease commencement. The methodology and sample size may differ from those used by some property consultants. For example, URA only uses actual contracted rentals in the computation of the statistics, whereas some property consultants use estimates of achievable rents in addition to actual contracted rentals in the computation of their statistics.
  13. The basket of Category 1 office buildings was reviewed in 3Q2010 to ensure that it remains relevant and in line with market changes, e.g. by including appropriate buildings. The increase in vacancy rate for Category 1 office space as at 3Q2010 can be partly attributed to the lag time taken for some of the committed tenants to retrofit and physically occupy the space at some of the newly completed Category 1 office buildings.
  14. A map of Central Region showing Orchard and RCA is available at http://spring.ura.gov.sg/lad/ore/login/map_city_area.pdf.

 

Summary of Key Information for 3rd Quarter 2010

Annex Title
Annex A-1 Comparison of Property Price Index for 2nd Quarter 2010 and 3rd Quarter 2010
Annex A-2 Price Indices of Non-Landed Properties by Locality and Completion Status.
Annex A-3 Comparison of Rental Index for 2nd Quarter 2010 and 3rd Quarter 2010
Annex A-4 Rental Indices of Non-Landed Properties by Locality
Annex A-5 Median Rentals and Vacancy of Office and Shop Space
Annex A-6 Chart of Property Price Index by Type of Property
Annex A-7 Chart of Residential Property Price Index by Type
Annex B-1 Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 Number of Uncompleted Private Residential Units Launch in the Quarter by Market Segment
Annex C-2 Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2010
Annex E-2 Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2010
Annex F-1 Number of Executive Condominium Units Launched and Sold in the Quarter
Annex F-2 Sale Position of Executive Condominium Units with Pre-Requisites for Sale as at End of Quarter