Summary of Key Information for 3rd Quarter 2015
The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2015.1
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 1.3% in 3rd Quarter 2015, compared to the 0.9% decline in the previous quarter.
Property Price Index of private residential properties
Price decline was observed across all segments of the private residential property market. Prices of non-landed properties fell 1.2% in Core Central Region (CCR), 1.6% in Rest of Central Region (RCR) and 1.6% in Outside Central Region (OCR), compared to the declines of 0.6%, 0.6% and 1.1% respectively in the previous quarter. Prices of landed properties declined by 0.4%, compared to the 1.0% decline in the previous quarter (see Annexes A-1 [PDF, 15.4kb], A-2 [PDF, 18.1kb] & A-6 2[PDF, 17.2kb]).
Rentals of private residential properties fell 0.6% in 3rd Quarter 2015, compared to the 1.1% decline in the previous quarter. The rental decline was observed across all segments of the private residential property market. Rentals of non-landed properties fell 0.4% in Core Central Region (CCR), 0.8% in Rest of Central Region (RCR) and 1.1% in Outside Central Region (OCR), compared to the declines of 1.3%, 1.1% and 1.0% respectively in the previous quarter. Rentals of landed properties declined by 0.1% (see Annexes A-3 [PDF, 14.8kb] & A-4 [PDF, 20.2kb]), compared with the 1.0% decline in the previous quarter.
Rental Index of residential properties
Launches and Take-up
Developers launched 2,435 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 3rd Quarter 2015, compared to the 2,099 units in 2nd Quarter 2015 (see Annex C-1 [PDF, 16.3kb]).
Developers sold 2,410 private residential units (excluding ECs) in 3rd Quarter 2015, compared to the 2,116 units sold in 2nd Quarter 2015 (see Annex D [PDF, 135kb]).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 2,387 EC units for sale in 3rd Quarter 2015 and sold 1,212 EC units over the same period (see Annex F [PDF, 18.2kb]), compared to the 439 units sold in 2nd Quarter 2015.
Resales and Sub-sales
There were 1,619 resale transactions in 3rd Quarter 2015, compared to the 1,827 units transacted in 2Q2015. Resale transactions accounted for 38.9% of all sale transactions in 3rd Quarter 2015, compared to the 44.5% in 2nd Quarter 2015 (see Annex D [PDF, 135kb]).
There were 130 sub-sale transactions in 3rd Quarter 2015, compared to the 161 units transacted in 2nd Quarter 2015. Sub-sales accounted for 3.1% of all sale transactions in 3rd Quarter 2015, compared to the 3.9% in 2nd Quarter 2015 (see Annex D [PDF, 135kb]).
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply in the Pipeline
As at the end of 3rd Quarter 2015, there was a total supply of 58,348 3 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 61,237 units in 2nd Quarter 2015 (see Annexes E-1 [PDF, 93kb] & E-2 4 [PDF, 85.8kb]). Of this number, 22,456 units remained unsold as at 3rd Quarter 2015 (see Annexes B-1 [PDF, 10.8kb] & B-2 [PDF, 17.1kb]). After adding the supply of 14,540 EC units in the pipeline, there were 72,888 units in the pipeline. Of the EC units in the pipeline, 6,897 units remained unsold.
Based on the expected completion dates reported by developers, 6,296 units (including ECs) will be completed in the last quarter of 2015. The total number of completions in 2015 would be 22,414 units. Another 27,149 units (including ECs) will 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: 13,589 private residential units and 2,529 executive condominiums were completed (i.e. obtained Temporary Occupation Permit) from 1Q2015 to 3Q2015. Stock and Vacancy The stock of completed private residential units (excluding ECs) increased by 3,625 units in 3rd Quarter 2015. The vacancy rate of completed private residential units (excluding ECs) decreased to 7.8% at the end of 3rd Quarter 2015, from 7.9% at the end of 2nd Quarter 2015 (see Annex E-1 [PDF, 93kb]).
Stock and vacancy of private residential units (excluding ECs)
Office market at a glance:
Prices of office space decreased by 0.1% in 3rd Quarter 2015, compared to the increase of 0.3% in the previous quarter (see Annex A-1 [PDF, 15.4kb]). Rentals of office space fell by 2.9% in 3rd Quarter 2015, compared to the decline of 2.6% in 2nd Quarter 2015 (see Annexes A-3 [PDF, 14.8kb] & A-5 [PDF, 101kb]).
Property Price Index of office space
Rental Index of office space in Central region
As at the end of 3rd Quarter 2015, there was a total supply of about 908,000 sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 93kb] & E-2 [PDF, 85.8kb]).
Pipeline supply of office space
Stock and Vacancy
The amount of occupied office space increased by 15,000 sq m (nett) in 3rd Quarter 2015, compared to the 38,000 sq m (nett) increase in the previous quarter. The stock of office space decreased by 3,000 sq m (nett) in 3rd Quarter 2015, compared to the increase of 8,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd Quarter 2015 fell to 9.6%, from 9.8% at the end of 2nd Quarter 2015 (see Annexes A-5 [PDF, 101kb] & E-1 [PDF, 93kb]).
Stock and vacancy of office space
Retail market at a glance:
Prices of retail space decreased by 0.3% in 3rd Quarter 2015, compared to the decrease of 0.5% in the previous quarter (see Annex A-1 [PDF, 15.4kb]). Rentals of retail space decreased by 2.0% in 3rd Quarter 2015, compared to the decrease of 0.5% in 2nd Quarter 2015 (see Annexes A-3 [PDF, 14.8kb] & A-5 [PDF, 101kb]).
Property Price Index of retail space
Rental Index of retail space in Central region
As at the end of 3rd Quarter 2015, there was a total supply of 786,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 93kb] & E-2 [PDF, 85.8kb]).
Pipeline supply of retail space
The amount of occupied retail space decreased by 13,000 sq m (nett) in 3rd Quarter 2015, compared to the zero net change in the previous quarter. The stock of retail space decreased by 24,000 sq m (nett) in 3rd Quarter 2015, compared to the 25,000 sq m (nett) increase in the previous quarter. As a result, the island-wide vacancy rate of retail space fell to 7.0% at the end of 3rd Quarter 2015, from 7.2% at the end of 2nd Quarter 2015 (see Annexes A-5 [PDF, 101kb] & E-1 [PDF, 93kb]).
Stock and vacancy of retail space
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.