Summary of Key Information for 3rd Quarter 2016
The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd quarter 2016.1
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties decreased by 1.5% in 3rd quarter 2016, compared to the 0.4% decline in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties declined by 2.7%, compared to the 1.5% decline in the previous quarter. Prices of non-landed properties decreased by 1.2%, compared to the 0.1% decline in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) decreased by 1.9%, compared to the 0.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) both decreased by 1.0%, compared with the 0.2% increase in RCR and 0.5% decrease in OCR in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties fell 1.2%, compared to the 0.6% decline in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties remained unchanged, compared to the 1.6% decline in the previous quarter. Rentals of non-landed properties decreased by 1.4%, compared to the 0.4% decline in the previous quarter.
Rentals of non-landed properties decreased by 1.4% in CCR, compared to the 0.1% increase in the previous quarter. Rentals in RCR fell 0.6%, the same rate as the previous quarter while rentals in OCR fell by 2.4%, compared to the 1.2% decrease in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 1,609 uncompleted private residential units (excluding ECs) for sale in 3rd quarter 2016, compared to 2,371 units in the previous quarter (see Annex C-1).
Developers sold 1,981 private residential units (excluding ECs) in 3rd quarter 2016, compared to the 2,256 units sold in the previous quarter (see Annex D).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 862 EC units for sale in 3rd quarter 2016 and sold 1,398 EC units over the same period (see Annex F), compared to the 1,260 EC units launched and 1,105 units sold in the previous quarter.
Resales and Sub-sales
There were 2,477 resale transactions in 3rd quarter 2016, compared to the 2,140 units transacted in the previous quarter. Resale transactions accounted for 53.9% of all sale transactions in 3rd quarter 2016, compared to 47.0% in the previous quarter (see Annex D).
There were 138 sub-sale transactions in 3rd quarter 2016, compared to the 154 units transacted in the previous quarter. Sub-sales accounted for 3.0% of all sale transactions in 3rd quarter 2016, compared to 3.4% in the previous quarter (see Annex D).
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply in the Pipeline
As at the end of 3rd quarter 2016, there was a total supply of 43,6933 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 47,250 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 20,577 units remained unsold as at 3rd quarter 2016 (see Annexes B-1 & B-2).
After adding the supply of 11,054 EC units in the pipeline, there were 54,747 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 4,634 units remained unsold. In total, 25,211 units (including ECs) remained unsold.
Total number of unsold private residential units in the pipeline (excluding ECs)
Based on the expected completion dates reported by developers, 7,077 units (including ECs) will be completed in the last quarter of 2016. Another 16,167 units (including ECs) will be completed in 2017.
Pipeline supply of private residential units and ECs by expected year of completion
Note: 16,355 private residential units and 4,066 executive condominium units were completed (i.e. obtained TOP) in 1Q-3Q2016.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 4,919 units in 3rd quarter 2016, compared to an increase of 8,425 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,393 units in 3rd quarter 2016, compared to an increase of 3,034 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.7% at the end of 3rd quarter 2016, from 8.9% at the end of the previous quarter (see Annex E-1). Stock and vacancy of private residential units (excluding ECs)
Office market at a glance:
Prices of office space decreased by 0.4% in 3rd quarter 2016, compared to the 1.5% decline in the previous quarter (see Annex A-1). Rentals of office space fell by 1.1% in 3rd quarter 2016, compared to the decline of 3.5% in the previous quarter (see Annexes A-3 & A-5). Property Price Index of office space
Rental Index of office space in Central region
As at the end of 3rd quarter 2016, there was a total supply of about 879,000 sq m GFA of office space in the pipeline (see Annexes E-1 & E-2). Pipeline supply of office space
The amount of occupied office space decreased by 5,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 30,000 sq m (nett) in the previous quarter. The stock of office space increased by 101,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 27,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd quarter 2016 rose to 10.4%, from 9.1% at the end of the previous quarter (see Annexes A-5 & E-1).
Stock and vacancy of office space
Retail market at a glance:
Prices of retail space decreased by 0.6% in 3rd quarter 2016, compared to the decrease of 3.1% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 1.5% in 3rd quarter 2016, compared to the decrease of 3.9% in the previous quarter (see Annexes A-3 & A-5).
Property Price Index of retail space
Rental Index of retail space in Central region
As at the end of 3rd quarter 2016, there was a total supply of 652,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 & E-2). Pipeline supply of retail space
The amount of occupied retail space decreased by 26,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 1,000 sq m (nett) in the previous quarter. The stock of retail space increased by 17,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.4% at the end of 3rd quarter 2016, from 7.8% at the end of the previous quarter (see Annexes A-5 & E-1).
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.