Summary of Key Information for 1st Quarter 2016
The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 2016.1
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 0.7% in 1st Quarter 2016, compared to the 0.5% decline in the previous quarter.
Property Price Index of private residential properties
A price decline of 1.3% was observed in Outside Central Region (OCR), where prices had previously remained unchanged. Prices of non-landed properties in Rest of Central Region (RCR) remained unchanged, compared to the 0.4% decline previously. Prices of non-landed properties in Core Central Region (CCR) rose 0.3%, compared to the 0.3% decline previously (see Annexes A-1 [PDF, 14.2kb], A-2 [PDF, 16.6kb] & A-62 [PDF, 17.1kb]).
Prices of landed properties declined by 1.1%, compared to the 1.8% decline in the previous quarter.
Rentals of private residential properties fell 1.3% in 1st Quarter 2016, the same rate of decline as in the previous quarter.
Rental Index of private residential properties
The rental decline was observed across all segments of the private residential property market. Rentals of non-landed properties fell 1.7% in CCR, 0.6% in RCR and 1.2% in OCR, compared to the declines of 0.4%, 1.6% and 1.8% respectively in the previous quarter (see Annexes A-3 [PDF, 14.7kb] & A-4 [PDF, 18.2kb]).
Rentals of landed properties declined by 2.2%, compared with the 2.3% decline in the previous quarter.
Launches and Take-up
Developers launched 953 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 1st Quarter 2016, compared to the 1,333 units in the previous quarter (see Annex C-1 [PDF, 18.2kb]).
Developers sold 1,419 private residential units (excluding ECs) in 1st Quarter 2016, compared to the 1,603 units sold in the previous quarter (see Annex D [PDF, 115kb]).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 534 EC units for sale in 1st Quarter 2016 and sold 762 EC units over the same period (see Annex F [PDF, 88.2kb]), compared to the 505 EC units launched and 573 units sold in the previous quarter.
Resales and Sub-sales
There were 1,340 resale transactions in 1st Quarter 2016, compared to the 1,464 units transacted in the previous quarter. Resale transactions accounted for 47.1% of all sale transactions in 1st Quarter 2016, compared to the 45.8% in the previous quarter (see Annex D [PDF, 115kb]).
There were 88 sub-sale transactions in 1st Quarter 2016, compared to the 132 units transacted in the previous quarter. Sub-sales accounted for 3.1% of all sale transactions in 1st Quarter 2016, compared to the 4.1% in the previous quarter (see Annex D [PDF, 115kb]).
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply in the Pipeline
As at the end of 1st Quarter 2016, there was a total supply of 53,5123 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 55,638 units in the previous quarter (see Annexes E-1 [PDF, 88.8kb] & E-24 [PDF, 82.6kb]). Of this number, 22,370 units remained unsold as at 1st Quarter 2016 (see Annexes B-1 [PDF, 88.8kb] & B-2 [PDF, 88.8kb]). After adding the supply of 12,587 EC units in the pipeline, there were 66,099 units in the pipeline. Of the EC units in the pipeline, 6,520 units remained unsold.
Based on the expected completion dates reported by developers, 23,062 units (including ECs) will be completed in the remaining 3 quarters of 2016. Another 15,643 units (including ECs) will be completed in 2017. In comparison, 22,267 units (including ECs) were completed in 2015.
Pipeline supply of private residential units and ECs by expected year of completion
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 2,855 units in 1st Quarter 2016 compared to an increase of 5,299 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,453 units in 1st Quarter 2016, compared to an increase of 3,951 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 7.5% at the end of 1st Quarter 2016, from 8.1% at the end of the previous quarter (see Annex E-1 [PDF, 88.8kb]).
Stock and vacancy of private residential units (excluding ECs)
Office market at a glance:
Prices of office space decreased by 0.3% in 1st Quarter 2016, compared to the 0.1% decline in the previous quarter (see Annex A-1 [PDF, 14.2kb]). Rentals of office space fell by 2.1% in 1st Quarter 2016, compared to the decline of 1.8% in the previous quarter (see Annexes A-3 [PDF, 14.7kb] & A-5 [PDF, 94.4kb]).
Property Price Index of office space
Rental Index of office space in Central region
As at the end of 1st Quarter 2016, there was a total supply of about 1,009,000 sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 88.8kb] & E-2 [PDF, 82.6kb]).
Pipeline supply of office space
The amount of occupied office space increased by 1,000 sq m (nett) in 1st Quarter 2016, compared to the decrease of 10,000 sq m (nett) in the previous quarter. The stock of office space decreased by 23,000 sq m (nett) in 1st Quarter 2016, compared to the decrease of 21,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 1st Quarter 2016 fell to 9.2%, from 9.5% at the end of the previous quarter (see Annexes A-5 [PDF, 94.4kb] & E-1 [PDF, 88.8kb])
Stock and vacancy of office space
Retail market at a glance:
Prices of retail space decreased by 1.9% in 1st Quarter 2016, compared to the decrease of 0.1% in the previous quarter (see Annex A-1 [PDF, 14.2kb]). Rentals of retail space decreased by 1.9% in 1st Quarter 2016, compared to the decrease of 1.3% in the previous quarter (see Annexes A-3 [PDF, 14.7kb] & A-5 [PDF, 94.4kb]).
Property Price Index of retail space
Rental Index of retail space in Central region
As at the end of 1st Quarter 2016, there was a total supply of 783,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 88.8kb] & E-2 [PDF, 82.6kb]). Pipeline supply of retail space
The amount of occupied retail space increased by 11,000 sq m (nett) in 1st Quarter 2016, compared to the increase of 8,000 sq m (nett) in the previous quarter. The stock of retail space increased by 19,000 sq m (nett) in 1st Quarter 2016, compared to the increase of 22,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.3% at the end of 1st Quarter 2016, from 7.2% at the end of the previous quarter (see Annexes A-5 [PDF, 94.4kb] & E-1 [PDF. 88.8kb])
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 https://spring.ura.gov.sg/lad/ore/login/index.cfm. You can also call the REALIS hotline at 6329 3456.