Release of 4th Quarter 2014 real estate statistics

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Release of 4th Quarter 2014 real estate statistics

Summary of Key Information for 4th Quarter 2014

Annex	Title
Annex A-1 [PDF, 29kb]	Comparison of Property Price Index for 3rd Quarter 2014 and 4th Quarter 2014
Annex A-2 [PDF, 26kb]	Price Indices of Non-Landed Properties by Locality and Completion Status
Annex A-3 [PDF, 31kb]	Comparison of Rental Index for 3rd Quarter 2014 and 4th Quarter 2014
Annex A-4 [PDF, 22kb]	Rental Indices of Non-Landed Properties by Locality
Annex A-5 [PDF, 28kb]	Median Rentals and Vacancy of Office and Retail Space
Annex A-6 [PDF, 84kb]	Chart of Property Price Index by Type of Property
Annex A-7 [PDF, 78kb]	Chart of Residential Property Price Index by Type
Annex B-1 [PDF, 23kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 24kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 [PDF, 23kb]	Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 [PDF, 24kb]	Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D [PDF, 44kb]	Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 38kb]	Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2014
Annex E-2 [PDF, 24kb]	Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2014
Annex E-3 [PDF, 23kb]	Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion
Annex F [PDF, 23kb]	Number of Executive Condominium Units Launched and Sold in the Quarter

Published: 23 January 2015

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2014.¹

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance (excluding ECs):

Key indicators	Change	3Q2014	4Q2014
Price index	-1.1%	207.9	205.7
Rental index	-1.0%	160.6	159.0
Take-up	-10.1%	1,531	1,376
Pipeline supply	-7.4%	74,496	68,960
Vacancy rate	+0.7% point	7.1%	7.8%

Prices and Rentals

Prices of private residential properties decreased by 1.1% in 4th Quarter 2014, higher than the 0.7% decline in the previous quarter. This was the fifth straight quarter of gradual price decline. For the year 2014 as a whole, prices of private residential properties have decreased by 4.0%, compared with an increase of 1.1% in 2013. This is the first year of overall price decline since 2008.

Property Price Index of residential properties

Price decline was observed across all segments of the private residential property market. Prices of non-landed properties in the Core Central Region (CCR) declined by 0.9%, more than the 0.8% decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 1.4%, significantly more than the 0.4% decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.8%, significantly more than the 0.3% decline in the previous quarter (see Annexes A-1 [PDF, 129kb], A-2 [PDF, 26kb] & A-6² [PDF, 84kb]). For the whole of 2014, prices in CCR, RCR and OCR have fallen by 4.1%, 5.3% and 2.2% respectively.

Prices of landed properties declined by 1.3%, compared to the decrease of 1.8% in the previous quarter. For the whole of 2014, prices of landed properties declined by 5.3%.

Rentals of private residential properties fell by 1.0% in 4th Quarter 2014, higher than the 0.8% decline in 3rd Quarter 2014 (see Annexes A-3 [PDF, 31kb] & A-4 [PDF, 22kb]). For the year 2014 as a whole, rentals of private residential properties fell by 3.0%, compared to the 0.9% increase in 2013.

Rental Index of residential properties

Launches and Take-up

Developers launched 1,592 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 4th Quarter 2014, higher than the 1,294 units in 3rd Quarter 2014 (see Annex C-1 [PDF, 23kb]). For the whole of 2014, developers launched 7,693 units for sale, significantly lower than the 15,885 units launched for sale in 2013.

Developers sold 1,376 private residential units (excluding ECs) in 4th Quarter 2014, lower than the 1,531 units sold in 3rd Quarter 2014 (see Annex D [PDF, 44kb]). For the whole of 2014, developers sold 7,316 units, significantly lower than the 14,948 units sold in 2013.

Number of private housing units launched and sold by developers (excluding ECs)

Developers launched 2,505 EC units for sale in 4th Quarter 2014 (see Annex F). Developers sold 1,113 EC units in 4th Quarter 2014, compared to 162 units in 3rd Quarter 2014. For the whole of 2014, developers launched 2,505 EC units for sale, selling 1,578 units.

Resales and Sub-sales

There were 1,151 resale transactions in 4th Quarter 2014, lower than the 1,377 transactions in 3rd Quarter 2014. Resale transactions accounted for 43.7% of all sale transactions in 4th Quarter 2014, compared to 45.0% in 3rd Quarter 2014 (see Annex D [PDF, 44kb]). For the whole of 2014, 4,860 units were sold in resale transactions, significantly lower than the 6,671 units in 2013.

There were 108 sub-sale transactions in 4th Quarter 2014, lower than the 152 transactions in 3rd Quarter 2014. Sub-sales accounted for 4.1% of all sale transactions in 4th Quarter 2014, compared to the 5.0% recorded in 3rd Quarter 2014 (see Annex D [PDF, 44kb]). For the whole of 2014, 547 units were sold through sub-sales, significantly lower than the 1,100 units in 2013.

Number of resale and sub-sale transactions for private residential units (excluding ECs)

Supply in the Pipeline

As at the end of 4th Quarter 2014, there was a total supply of 68,960³ uncompleted private residential units (excluding ECs) in the pipeline, lower than the 74,496 units in 3rd Quarter 2014⁴ (see Annexes E-1 [PDF, 38kb] & E-2⁵[PDF, 24kb]). Of this number, 26,742 units remained unsold as at 4th Quarter 2014 (see Annexes B-1 [PDF, 23kb] & B-2 [PDF, 24kb]). After adding the supply of 14,220 EC units in the pipeline, there were 83,180 units in the pipeline.

Based on expected completion dates reported by developers, 24,796 units (including ECs) will be completed in 2015. Another 25,717 units (including ECs) are expected to be completed in 2016. In comparison, 23,298 units (including ECs) were completed in 2014.

Pipeline supply of private residential units and ECs by expected year of completion

Note: 19,941 private residential units and 3,357 executive condominiums were completed
(i.e. obtained Temporary Occupation Permit) in 2014.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 6,304 units in 4th Quarter 2014. The vacancy rate of completed private residential units (excluding ECs) increased to 7.8% at the end of 4th Quarter 2014, from 7.1% at the end of 3rd Quarter 2014 (see Annex E-1 [PDF, 38kb]).

Stock and vacancy of private residential units (excluding ECs)

PROVIDING MORE DATA ON THE COMMERCIAL PROPERTY MARKET

URA has released more detailed rental data for retail and office space to help businesses better track market rental rates and improve market transparency. The 25th percentile, median and 75th percentile rentals of office space by location (Central Area, Fringe Area and Outside Central Region), floor area and building class (Category 1 and Category 2) can be found here. For retail space, the 25th percentile, median and 75th percentile rentals by postal district, floor level and floor area can be found here.

OFFICE SPACE

Office market at a glance:

Key indicators	Change	3Q2014	4Q2014
Price index	+2.4%	135.6	138.8
Rental index	+1.7%	186.6	189.8
Pipeline supply	-16.5%	1.087 million sqm (GFA)	0.908 million sqm (GFA)
Vacancy rate	+1.8% points	8.4%	10.2%

Prices and Rentals

Prices of office space increased by 2.4% in 4th Quarter 2014, compared with an increase of 1.6% in the previous quarter (see Annex A-1 [PDF, 29kb]). Rentals of office space rose 1.7% in 4th Quarter 2014, less than the 2.6% increase in 3rd Quarter 2014 (see Annexes A-3 [PDF, 31kb] & A-5 [PDF, 28kb]). For the whole of 2014, prices of office space have increased by 4.5% while rentals have increased by 9.8%.

Property Price Index of office space

Rental Index of office space in Central region

Supply in the Pipeline

As at the end of 4th Quarter 2014, there was a total supply of about 908,000 sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 38kb] & E-2 [PDF, 24kb]).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space decreased by 6,000 sq m (nett) in 4th Quarter 2014, compared to the 50,000 sq m (nett) increase in the previous quarter. The stock of office space increased by 145,000 sq m (nett) in 4th Quarter 2014, compared to the decrease of 47,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 4th Quarter 2014 increased to 10.2% from 8.4% at the end of 3rd Quarter 2014 (see Annexes A-5 [PDF, 28kb] & E-1 [PDF, 38kb]).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Key indicators	Change	3Q2014	4Q2014
Price index	+1.5%	128.8	130.7
Rental index	+0.5%	117.8	118.4
Pipeline supply	-11.2%	884,000 sqm (GFA)	785,000 sqm (GFA)
Vacancy rate	-0.7% point	6.5%	5.8%

Prices and Rentals

Prices of retail space increased by 1.5% in 4th Quarter 2014, after a decline of 0.2% in the previous quarter (see Annex A-1 [PDF, 29kb]). Rentals of retail space increased by 0.5% in 4th Quarter 2014, compared to the 0.1% increase in 3rd Quarter 2014 (see Annexes A-3 [PDF, 31kb] & A-5 [PDF, 28kb]). For the whole of 2014, both prices and rentals of retail space increased by 0.9%.

Property Price Index of retail space

Rental Index of retail space in Central region

Supply in the Pipeline

As at the end of 4th Quarter 2014, there was a total supply of 785,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 38kb] & E-2 [PDF, 24kb]).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space increased by 132,000 sq m (nett) in 4th Quarter 2014. The stock of retail space increased by 96,000 sq m (nett) in 4th Quarter 2014. As a result, the island-wide vacancy rate of retail space fell to 5.8% at the end of 4th Quarter 2014, from 6.5% at the end of 3rd Quarter 2014 (see Annexes A-5 [PDF, 28kb] & E-1 [PDF, 38kb]).

Stock and vacancy of retail space

URA’S REAL ESTATE INFORMATION SERVICE

More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates 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 call the REALIS hotline at 6329 3456.

1	Statistics in this press release are based on quarter to quarter comparisons, unless otherwise stated..
2	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: https://www.ura.gov.sg/realEstateIIWeb/transaction/search.action. Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from http://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1.
3	Projects in the pipeline refers to new development and redevelopment projects with planning approvals, i.e. either Provisional Permissions (PPs) or Written Permissions (WPs).A WP is a final approval granted under the Planning Act for a proposed development, as compared with a PP, which is a conditional approval.
4	The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects.
5	More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at https://www.ura.gov.sg/realEstateIIWeb/supply/search.action.