News Releases

28 April 2006

URA releases the 1st quarter 2006 real estate information

The Urban Redevelopment Authority (URA) releases today the real estate statistics for the 1st Quarter 2006.

HIGHLIGHTS OF 1st Quarter 2006 STATISTICS

PRIVATE RESIDENTIAL UNITS

Prices

Prices of private residential properties rose 1.5% in the 1st Quarter 2006, compared with the 1.4% increase in the previous quarter (see Annexes A-1 and B-1 & 2).

Prices of landed properties rose 1.4% in the 1st Quarter 2006, compared with the 0.9% increase in the previous quarter.  Prices of detached, semi-detached and terrace houses rose 1.7%, 2.0% and 0.8% respectively.

Prices of non-landed properties rose 1.5% in the 1st Quarter 2006, compared with the 1.6% increase in the previous quarter.  Prices of apartments rose 1.6% while those of condominiums rose 1.5%.

Rentals of private residential properties rose 1.1% in the 1st Quarter 2006, compared with the 0.7% increase in the previous quarter (see Annex A-2).

Supply And Demand

As at the end of 1st Quarter 2006, the number of private residential units under construction was 22,351, about 0.3% higher than that as at the end of the previous quarter (see Annex C).  Of these, 19,633 units had the pre-requisite conditions for sale (i.e. with sale licences and building plan approvals).  There were another 4,827 units from projects where construction had not commenced but with the pre-requisite conditions for sale.  Hence there was a total of 24,460 units with the pre-requisite conditions for sale, which was 8.5% higher than the 22,554 units as at the end of 4th Quarter 2005.

Of the 24,460 uncompleted units with the pre-requisite conditions for sale, 13,216 units had been sold.  The remaining 11,244 units which had yet to be sold comprised 3,208 units which had been launched for sale, and 8,036 units which had not been launched yet (see Annex D-1).  There were also 1,093 completed but unsold units as at the end of 1st Quarter 2006.

A total of 2,111 uncompleted private residential units were launched for sale in the 1st Quarter 2006, compared with the 1,873 units launched in the 4th Quarter 2005 (see Annex D-2).  Major residential projects launched in the quarter included The Esta (400 units) at Amber Gardens, One Amber (281 units from a total of 562 units) at Amber Gardens, The Shaughnessy (the remaining 194 units from a total of 254 units) at Miltonia Close, Atrium Residences (142 units) at Geylang Road, and One Leicester (120 units from a total of 194 units) at Leicester Road.

During the 1st Quarter 2006, 1,699 uncompleted private residential units were sold by developers, compared with the 2,065 units sold in the 4th Quarter 2005.  Developers also sold 159 completed private residential units in the 1st Quarter 2006.

A total of 1,208 private residential units were completed (granted TOP) in the 1st Quarter 2006.  Major residential projects completed in the quarter were Starville (250 units) at Lengkong Tiga and Le Crescendo (228 units) at Paya Lebar Road.

The vacancy rate of completed private residential units was 7.4% as at the end of 1st Quarter 2006, compared with 8.4% as at the end of the previous quarter.

EXECUTIVE CONDOMINIUMS

As at the end of 1st Quarter 2006, there were 903 units of Executive Condominiums (EC) in the pipeline, all of which were under construction (see Annex C).  All the 903 units had been issued with sale licences and building plan approvals (i.e. pre-requisites for sale).  As at the end of the quarter, 717 units had been launched for sale, of which 601 units had been sold.

The total stock of completed EC units remained at 9,527 units as at the end of 1st Quarter 2006, as no new EC units were completed in the quarter.  As at the end of 1st Quarter 2006, the vacancy rate was 0.6%, compared with the vacancy rate of 1.7% as at the end of the previous quarter.

OFFICE SPACE

Prices of office space rose 1.4% in the 1st Quarter 2006, compared with the 1.6% increase in the previous quarter (see Annex A-1).  Rentals rose 2.3% in the 1st Quarter 2006, compared with the 6.7% increase in the previous quarter (see Annex A-2).

Office space#  under construction decreased by 3.9% to 270,000 sq m (gross) as at the end of 1st Quarter 2006 (see Annex C).

The stock of completed office space (with TOP) decreased by 2,000 sq m to 6.463 million sq m (nett) as at the end of 1st Quarter 2006, while the amount of occupied office space increased by 50,000 sq m to 5.686 million sq m(nett) in the same period.

Consequently, the vacancy rate of office space decreased by 0.8 percentage point to 12.0% as at the end of 1st Quarter 2006.

SHOP SPACE

Prices of shop space rose 1.2% in the 1st Quarter 2006, compared with the 2.8% increase in the previous quarter (see Annex A-1).  Rentals rose 1.9%, compared with the 0.6% increase in the previous quarter (see Annex A-2).

Shop space under construction increased by 4.3% to 289,000 sq m (gross) as at the end of 1st Quarter 2006 (see Annex C).

The stock of completed shop space (with TOP) decreased by 2,000 sq m to 3.142 million sq m (nett) as at the end of 1st Quarter 2006, while the amount of occupied shop space decreased by 10,000 sq m to 2.902 million sq m(nett) in the same period.

Consequently, the vacancy rate of shop space increased by 0.2 percentage point to 7.6% as at the end of 1st Quarter 2006.

INDUSTRIAL SPACE

Prices of multiple-user factory space rose 0.5% in the 1st Quarter 2006, compared with the 0.6% increase in the previous quarter (see Annex A-1).  Rentals of multiple-user factory space rose 0.8%,  compared with the 3.3% increase in the previous quarter (see Annex A-2).

Factory space under construction increased by 7.0% to 1.658 million sq m (gross) in the 1st Quarter 2006 (see Annex C).

The stock of completed factory space (with TOP) increased by 154,000 sq m to 27.162 million sq m (nett) as at the end of 1st Quarter 2006, while the amount of occupied factory space increased by 141,000 sq m to 24.311 million sq m (nett) in the same period.

The vacancy rate of factory space remained unchanged  at 10.5% as at the end of 1st Quarter 2006.

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 properties 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.

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#  The supply of office, shop and factory space under construction is given in gross floor area as the developments have yet to be completed and hence the nett floor area is not available.

ANNEX E-1

SUMMARY OF KEY INFORMATION ON EXECUTIVE CONDOMINIUMS
NUMBER OF UNITS LAUNCHED AND SOLD IN THE QUARTER

ANNEX E-2

SALE POSITION OF UNITS WITH PRE-REQUISITES FOR SALE #1 AS AT END OF QUARTER