Summary of Key Information for 2nd Quarter 2016
The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd quarter 2016.1
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 0.4% in 2nd quarter 2016, compared to the 0.7% decline in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties declined by 1.5%, compared to the 1.1% decline in the previous quarter. Prices of non-landed properties decreased by 0.1%, compared to the 0.6% decline in the previous quarter.
Prices of non-landed properties in Outside Central Region (OCR) decreased by 0.5%, compared to the 1.3% decline previously. Prices of non-landed properties in Rest of Central Region (RCR) rose by 0.2% after remaining unchanged in the previous quarter. Prices of non-landed properties in Core Central Region (CCR) increased by 0.3%, after increasing 0.3% previously (see Annexes A-1 [PDF, 13.9kb], A-2 [PDF, 17.3kb] & A-6 [PDF, 14.7kb]2 ).
Rentals of private residential properties fell 0.6%, compared to the 1.3% decline in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties fell by 1.6%, compared to the 2.2% decline in the previous quarter. Rentals of non-landed properties decreased by 0.4%, compared to the 1.2% decline in the previous quarter.
Rentals of non-landed properties rose 0.1% in CCR, compared to the 1.7% decline in the previous quarter. Rentals in RCR and OCR fell 0.6% and 1.2% respectively, the same rates of decline recorded previously (see Annexes A-3 [PDF, 14.3kb] & A-4 [PDF, 19.3kb]).
Launches and Take-up
Developers launched 2,371 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 2nd quarter 2016, compared to the 953 units in the previous quarter (see Annex C-1 [PDF, 159kb]).
Developers sold 2,256 private residential units (excluding ECs) in 2nd quarter 2016, compared to the 1,419 units sold previously (see Annex D [PDF, 135kb]).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 1,260 EC units for sale in 2nd quarter 2016 and sold 1,105 EC units over the same period (see Annex F [PDF, 98.2kb]), compared to the 534 EC units launched and 762 units sold in the previous quarter.
Resales and Sub-sales
There were 2,140 resale transactions in 2nd quarter 2016, compared to the 1,340 units transacted in the previous quarter. Resale transactions accounted for 47.0% of all sale transactions in 2nd quarter 2016, compared to the 47.1% in the previous quarter (see Annex D [PDF, 135kb]).
There were 154 sub-sale transactions in 2nd quarter 2016, compared to the 88 units transacted in the previous quarter. Sub-sales accounted for 3.4% of all sale transactions in 2nd quarter 2016, compared to the 3.1% in the previous quarter (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 2nd quarter 2016, there was a total supply of 47,250 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 53,512 units in the previous quarter (see Annexes E-1 [PDF, 92.9kb] & E-2 [PDF, 85.3kb]). Of this number, 21,489 units remained unsold as at 2nd quarter 2016 (see Annexes B-1 [PDF, 10.2kb] & B-2 [PDF, 17.3kb]).
Total number of unsold private residential units in the pipeline (excluding ECs) After adding the supply of 11,554 EC units in the pipeline, there were 58,804 units in the pipeline. Of the EC units in the pipeline, 5,471 units remained unsold. In total, 26,960 units (including ECs) remained unsold.
Based on the expected completion dates reported by developers, 11,775 units (including ECs) will be completed in the second half of 2016. Another 17,461 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 8,425 units in 2nd quarter 2016, compared to an increase of 2,855 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,034 units in 2nd quarter 2016, compared to an increase of 4,453 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 8.9% at the end of 2nd quarter 2016, from 7.5% at the end of the previous quarter (see Annex E-1 [PDF, 92.9kb]).
Stock and vacancy of private residential units (excluding ECs)
OFFICE SPACE
Office market at a glance:
Prices of office space decreased by 1.5% in 2nd quarter 2016, compared to the 0.3% decline in the previous quarter (see Annex A-1 [PDF, 13.9kb]). Rentals of office space fell by 3.5% in 2nd quarter 2016, compared to the decline of 2.1% in the previous quarter (see Annexes A-3 [PDF, 14.3kb] & A-5 [PDF, 100kb]).
Property Price Index of office space
Rental Index of office space in Central region
Supply in the Pipeline
As at the end of 2nd quarter 2016, there was a total supply of about 1.022 million sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 92.9kb] & E-2 [PDF, 85.3kb]).
Pipeline supply of office space
The amount of occupied office space increased by 30,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space increased by 27,000 sq m (nett) in 2nd quarter 2016, compared to the decrease of 23,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd quarter 2016 fell to 9.1%, from 9.2% at the end of the previous quarter (see Annexes A-5 [PDF, 100kb] & E-1 [PDF, 92.9kb]).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices of retail space decreased by 3.1% in 2nd quarter 2016, compared to the decrease of 1.9% in the previous quarter (see Annex A-1 [PDF, 13.9kb]). Rentals of retail space decreased by 3.9% in 2nd quarter 2016, compared to the decrease of 1.9% in the previous quarter (see Annexes A-3 [PDF, 14.3kb] & A-5 [PDF, 100kb]).
Property Price Index of retail space
Rental Index of retail space in Central region
As at the end of 2nd quarter 2016, there was a total supply of 734,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 92.9kb] & E-2 [PDF, 85.3kb]).
Pipeline supply of retail space Stock and Vacancy
The amount of occupied retail space increased by 1,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 11,000 sq m (nett) in the previous quarter. The stock of retail space increased by 29,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 19,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.8% at the end of 2nd quarter 2016, from 7.3% at the end of the previous quarter (see Annexes A-5 [PDF, 100kb] & E-1 [PDF, 92.9kb]).
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.