Share Printer-friendly version

News Releases

27 January 2012

Private housing price increase continues to slow down in 4Q2011

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2011.

PRIVATE RESIDENTIAL PROPERTIES

Prices and Rentals

The rate of price increase has continued to moderate for nine consecutive quarters. Prices of private residential properties increased by 0.2% in 4th Quarter 2011, lower than the 1.3% increase in the previous quarter and is the smallest increase since 3rd Quarter 2009. For the year 2011 as a whole, prices of private residential properties increased by 5.9%, significantly lower than the 17.6% increase in 2010.

All property segments experienced a slower rate of price increases compared to the previous quarter and previous year. Prices of non-landed properties in Core Central Region (CCR)1 increased 0.5% in 4th Quarter 2011, compared with the 0.7% increase in the previous quarter. For Rest of Central Region2 (RCR) and Outside Central Region (OCR), prices increased by 0.1% and 0.6% respectively in 4th Quarter 2011, lower than the corresponding increases of 1.2% and 2.1% in the previous quarter (see Annexes A-1, A-2, A-6 & A-73 ). For the year 2011 as a whole, prices of non-landed properties increased by 4.0% in CCR, 4.5% in RCR and 7.7% in OCR, compared with 14.2%, 17.6% and 15.0% respectively in 2010 (see Annexes A-1a and A-2).

Similarly, rentals of private residential properties4 registered a lower rate of increase compared to the previous quarter and year. Rentals increased by 0.4% in 4th Quarter 2011, less than the 0.8% increase in the previous quarter (see Annexes A-3 & A-45 ). For the year 2011 as a whole, rentals of private residential properties increased by 3.8%, lower than the 17.9% increase in 2010 (see Annex A-3a).

Supply in the Pipeline

As at the end of 4th Quarter 2011, there was a total supply of 77,089 uncompleted private residential units from projects in the pipeline6 , higher than the 76,255 units in 3rd Quarter 20117 (see Annexes E-1 & E-28 ). The pipeline supply of 77,089 units was the highest ever recorded since such data was first available in 1999.

Of the supply in the pipeline, 39,184 units remained unsold as at 4th Quarter 2011. The unsold units comprised 10,741 units in CCR, 8,350 units in RCR and 20,093 units in OCR (see Annexes B-1 & B-2).

Launches and Take-up

A total of 4,105 uncompleted private residential units were launched for sale by developers in 4th Quarter 2011, compared with 4,673 units in 3rd Quarter 2011 (see Annex C-1). For the year 2011 as a whole, developers had launched 17,710 units for sale, compared with 16,575 units launched for sale in 2010.

3,525 uncompleted private residential units were sold by developers in 4th Quarter 2011, compared with 4,192 units in 3rd Quarter 2011. Developers also sold 78 completed private residential units in 4th Quarter 2011, more than the 70 completed units sold in 3rd Quarter 2011 (see Annex C-2). For the year 2011 as a whole, developers had sold 15,472 uncompleted units and 432 completed units, compared with 15,832 uncompleted units and 460 completed units in 2010.

Sub-sales

Sub-sales accounted for 8.0% of all sale transactions in 4th Quarter 2011, higher than the 7.5% recorded in 3rd Quarter 2011 (see Annex D).

Stock and Vacancy

The stock of completed private residential units increased by 2,671 units in 4th Quarter 2011. Overall, the vacancy rate of completed private residential units increased from 5.8% as at the end of 3rd Quarter 2011 to 5.9% as at the end of 4th 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 4th Quarter 2011. In addition, there are 6,058 EC units in the pipeline (see Annex E-1). Another 2,900 EC units could come from the EC sites that would be released for sale via the 1st Half 2012 GLS Programme.

Developer sales of EC units hit a new high of 2,883 EC units in 2011, compared with 1,052 EC units sold in 2010. For the year 2011 as a whole, 2,535 uncompleted EC units were launched for sale, compared with 1,659 units launched in 2010. While developers did not launch new EC projects for sale in 4th Quarter 2011 (see Annex F), 432 uncompleted EC units were sold by developers, compared with 1,274 units sold in 3rd Quarter 2011.

OFFICE SPACE

Prices and Rentals

Rentals for office space, based on leases which had commenced, increased by 0.3% in 4th Quarter 2011, lower than the increase of 0.9% in 3rd Quarter 2011 (see Annexes A-3 & A-5). Prices of office space increased by 1.0% in 4th Quarter 2011, lower than the 3.7% increase in the previous quarter (see Annex A-1). For the year 2011 as a whole, prices rose by 13.8% and rentals rose by 8.4%, compared with the 18.9% and 12.6% increase in prices and rentals respectively in 2010 (see Annexes A-1a and A-3a).

Supply in the Pipeline

As at the end of 4th Quarter 2011, there was a total supply of about 902,000 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 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 50,000 sq m (nett) in 4th Quarter 2011, as compared to the increase of 52,000 sq m (nett) in the previous quarter. On the other hand, the stock of office space increased by 23,000 sq m (nett) in 4th Quarter 2011. The island-wide vacancy rate of office space as at end of the 4th Quarter 2011 decreased to 11.3%, from 11.7% as at the end of 3rd 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 4th Quarter 2011, same as the increase registered in the 3rd Quarter 2011 (see Annexes A-3 & A-5). At the same time, prices of shop space increased by 0.2% in 4th Quarter 2011, lower than the increase of 3.4% in the previous quarter (see Annex A-1). For the year 2011 as a whole, prices of shop space increased by 5.3% and rentals increased by 2.6%, compared with the increase of 8.6% for prices and 2.9% for rentals in 2010 (see Annexes A-1a and A-3a).

Supply in the Pipeline

As at the end of 4th Quarter 2011, there was a total supply of 468,000 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 increased by 34,000 sq m (nett) in 4th Quarter 2011. On the other hand, the stock of shop space increased by 5,000 sq m (nett) in 4th Quarter 2011. The island-wide vacancy rate of shop space was 5.3% as at the end of 4th Quarter 2011, compared with the 6.2% vacancy rate as at the end of 3rd Quarter 2011 (see Annexes A-5 & E-1).

INDUSTRIAL SPACE

Prices and Rentals

Prices of multiple-user factory space increased by 3.8% in 4th Quarter 2011, compared with 6.7% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space increased by 0.6%, compared with the increase of 2.1% in the previous quarter (see Annex A-3). For the year 2011 as a whole, prices of multiple-user factory space increased by 27.1% while rentals increased by 16.2%, compared with an increase of 23.7% in prices and 11.7% in rentals in 2010 (see Annexes A-1a and A-3a).

Supply in the Pipeline

As at the end of 4th Quarter 2011, there was a total supply of 3.526 million sq m GFA of factory space from projects in the pipeline. Of these, about 3.091 million sq m were expected to be completed between 2012 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 196,000 sq m (nett) in 4th Quarter 2011, higher than the increase of 118,000 sq m (nett) in 3rd Quarter 2011. On the other hand, the stock of factory space increased by 158,000 sq m (nett) in 4th Quarter 2011. The vacancy rate of factory space was 6.8% as at the end of 4th Quarter 2011, compared with the 7.0% 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.  

  1. 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
  2. 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
  3. 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.
  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. 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 4th Quarter 2011. This can be found at: http://www.ura.gov.sg/propertyinfo.
  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. The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects.
  8. 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 4th Quarter 2011

Annex Title
Annex A-1 Comparison of Property Price Index for 3rd Quarter 2011 and 4th Quarter 2011
Annex A-1a Comparison of Property Price Index for 2010 and 2011
Annex A-2 Price Indices of Non-Landed Properties by Locality and Completion Status.
Annex A-3 Comparison of Rental Index for 3rd Quarter 2011 and 4th Quarter 2011
Annex A-3a Comparison of Rental Index for 2010 and 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 4th Quarter 2011
Annex E-2 Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2011
Annex F Number of Executive Condominium Units Launched and Sold in the Quarter