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28 October 2011
Private housing price increase slows down further, as pipeline supply reaches record high
The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2011.
PRIVATE RESIDENTIAL PROPERTIES
Prices and Rentals
The rate of price increase continues to moderate. Prices of private residential properties increased by 1.3% in 3rd Quarter 2011, lower than the 2.0% increase in the previous quarter. This was the 8th consecutive quarter in which the rate of increase in overall private housing prices had moderated.
Prices of non-landed properties in Core Central Region (CCR)1 increased at a slower pace of 0.7% in 3rd Quarter 2011, compared to the 1.6% increase in the previous quarter. For Rest of Central Region2 (RCR) and Outside Central Region (OCR) prices increased by 1.2% and 2.1% respectively in 3rd quarter 2011, slightly higher than the 1.1% and 1.7% increase in the previous quarter (see Annexes A-1, A-2, A-6 & A-73).
Rentals of private residential properties4 increased by 0.8% in 3rd Quarter 2011, less than the 1.3% increase in the previous quarter (see Annexes A-3 & A-45).
Supply in the Pipeline
As at the end of 3rd Quarter 2011, there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline6, higher than the 71,111 units in 2nd Quarter 20117 (see Annexes E-1 & E-28). The pipeline supply of 76,255 units was the highest ever recorded since such data was first available in 1999.
Of the supply in the pipeline, 39,111 units remained unsold as at 3rd Quarter 2011. The unsold units comprised 10,574 units in CCR, 9,253 units in RCR and 19,284 units in OCR (see Annexes B-1 & B-2).
Launches and Take-up
A total of 4,673 uncompleted private residential units were launched for sale by developers in 3rd Quarter 2011, compared with 4,802 units in 2nd Quarter 2011 (see Annex C-1). At the same time, 4,192 uncompleted private residential units were sold by developers in 3rd Quarter 2011, compared with 4,325 units in 2nd Quarter 2011. Developers also sold 70 completed private residential units in 3rd Quarter 2011, less than the 119 completed units sold in 2nd Quarter 2011 (see Annex C-2).
Sub-sales
Sub-sales accounted for 6.6% of all sale transactions in 3rd Quarter 2011, lower than the 8.3% recorded in 2nd Quarter 2011 (see Annex D).
Stock and Vacancy
The stock of completed private residential units increased by 3,935 units in 3rd Quarter 2011. Overall, the vacancy rate of completed private residential units increased from 5.1% as at the end of 2nd Quarter 2011 to 5.8% as at the end of 3rd Quarter 2011 (see Annex E-1).
Executive Condominiums
The total stock of completed Executive Condominium (EC) units remained unchanged at 10,430 units as at the end of 3rd Quarter 2011. In addition, there were 5,332 EC units in the pipeline (see Annex E-1). Another 1,115 EC units could come from the EC sites that have been released for sale via the 2nd Half 2011 GLS Programme.
A total of 1,680 uncompleted EC units were launched for sale by developers in 3rd Quarter 2011, compared with 315 units in 2nd Quarter 2011 (see Annex F-1). At the same time, 1,274 uncompleted EC units were sold by developers in 3rd Quarter 2011, compared with 569 units in 2nd Quarter 2011.
OFFICE SPACE
Prices and Rentals
Rentals for office space, based on leases which had commenced, increased by 0.9% in 3rd Quarter 2011, lower than the increase of 1.5% in 2nd Quarter 2011 (see Annexes A-3 & A-5). Prices of office space increased by 3.7% in 3rd Quarter 2011, higher than the 3.6% increase in the previous quarter (see Annex A-1).
Supply in the Pipeline
As at the end of 3rd Quarter 2011, there was a total supply of about 933,000 sq m GFA of office space in the pipeline (see Annexes E-1 & E-2).
More supply of office space will also come from the GLS sites which were recently awarded by the Government in 2011. This includes the commercial sites at Robinson Road / Cecil Street and Peck Seah Street / Choon Guan Street. In addition, more supply of commercial space is also expected from the development of the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by M+S Pte Ltd.
Stock and Vacancy
The amount of occupied office space increased by 52,000 sq m (nett) in 3rd Quarter 2011, as compared to the increase of 62,000 sq m in the previous quarter. On the other hand, the stock of office space decreased by 6,000 sq m in 3rd Quarter 2011. The island-wide vacancy rate of office space as at end of 3rd Quarter 2011 decreased to 11.7%, from 12.5% as at the end of 2nd Quarter 2011 (see Annexes A-5 & E-1).
SHOP SPACE
Prices and Rentals
Rentals for shop space, based on leases which had commenced, increased by 0.5% in 3rd Quarter 2011, compared with 0.8% increase in the 2nd Quarter 2011 (see Annexes A-3 & A-5). At the same time, prices of shop space increased by 3.4% in 3rd Quarter 2011, compared with the increase of 1.1% in the previous quarter (see Annex A-1).
Supply in the Pipeline
As at the end of 3rd Quarter 2011, there was a total supply of 454,000 sq m GFA of shop space from projects in the pipeline. More detailed data on pipeline supply of shop space by development status and expected year of completion are at Annexes E-1 & E-2.
Stock and Vacancy
The amount of occupied shop space remained unchanged in 3rd Quarter 2011, compared with 2nd Quarter 2011. On the other hand, the stock of shop space increased by 14,000 sq m (nett) in 3rd Quarter 2011. The island-wide vacancy rate of shop space was 6.2% as at the end of 3rd Quarter 2011, compared with the 5.8% vacancy rate as at the end of 2nd Quarter 2011 (see Annexes A-5 & E-1).
INDUSTRIAL SPACE
Prices and Rentals
Prices of multiple-user factory space increased by 6.7% in 3rd Quarter 2011, compared with 5.7% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space increased by 2.1%, compared with the increase of 4.5% in the previous quarter (see Annex A-3).
Supply in the Pipeline
As at the end of 3rd Quarter 2011, there was a total supply of 3.298 million sq m GFA of factory space from projects in the pipeline. Of these, about 3.153 million sq m were expected to be completed between 2011 and 2013. More detailed data on pipeline supply of factory space by development status and expected year of completion are at Annexes E-1 & E-2.
Stock and Vacancy
The amount of occupied factory space increased by 118,000 sq m (nett) in 3rd Quarter 2011, higher than the increase of 110,000 sq m (nett) in 2nd Quarter 2011. On the other hand, the stock of factory space increased by 93,000 sq m in 3rd Quarter 2011. The vacancy rate of factory space was 7.0% as at the end of 3rd Quarter 2011, compared with the 7.1% as at the end of the previous quarter (see Annex E-1).
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.
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.
- 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
- 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
- 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: http://www.ura.gov.sg/propertyinfo. Similar information can also be accessed by users on the go via the new iphone/ipad application introduced by URA. The application can be downloaded directly from http://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1.
- 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.
- URA also released data on the 25th percentile, median and 75th percentile rentals for individual private residential projects where there were at least 10 rental transactions in 3rd Quarter 2011. This can be found at: http://www.ura.gov.sg/propertyinfo.
- 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.
- The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects.
- More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at http://www.ura.gov.sg/propertyinfo.
Summary of Key Information for 3rd Quarter 2011
| Annex | Title |
| Annex A-1 | Comparison of Property Price Index for 2nd Quarter 2011 and 3rd Quarter 2011 |
| Annex A-2 | Price Indices of Non-Landed Properties by Locality and Completion Status. |
| Annex A-3 | Comparison of Rental Index for 2nd Quarter 2011 and 3rd Quarter 2011 |
| 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 Launched 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 2011 |
| Annex E-2 | Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2011 |
| Annex F-1 | Number of Executive Condominium Units Launched and Sold in the Quarter |
