Release of 4th Quarter 2016 real estate statistics

Summary of Key Information for 4th Quarter 2016

Annex Title
Annex A-1a [PDF, 15kb] Comparison of Property Price Index for 3rd Quarter 2016 and 4th Quarter 2016
Annex A-1b [PDF, 13kb] Comparison of Property Price Index for 2015 and 2016
Annex A-2 [PDF, 16kb] Price Indices of Non-Landed Properties by Market Segment
Annex A-3a [PDF, 14kb] Comparison of Rental Index for 3rd Quarter 2016 and 4th Quarter 2016
Annex A-3b [PDF, 13kb] Comparison of Rental Index for 2015 and 2016
Annex A-4 [PDF, 17kb] Rental Indices of Non-Landed Properties by Market Segment
Annex A-5 [PDF, 93kb] Median Rentals and Vacancy of Office and Retail Space
Annex A-6 [PDF, 17kb] Chart of Property Price Index by Type of Property
Annex A-7 [PDF, 13kb] Chart of Residential Property Price Index by Type
Annex B-1 [PDF, 11kb] Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 16kb] Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 [PDF, 17kb] Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 [PDF, 80kb] Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D [PDF, 115kb]  Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 90kb] Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2016
Annex E-2 [PDF, 86kb] Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2016

Annex E-3 [PDF, 14kb]

Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2016
Annex E-4 [PDF, 17kb] Vacancy of Private Residential Units by Market Segment
 Annex F [PDF, 91kb] Number of Executive Condominium Units Launched and Sold in the Quarter
  Published: 26 January 2017

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2016.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


* Figures excluding Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 0.5% in 4th Quarter 2016, compared with the 1.5% decline in the previous quarter. For the whole of 2016, prices fell 3.1%, compared with the 3.7% decline in 2015.

Property Price Index of private residential properties



Prices of landed properties rose by 0.8%, compared with the 2.7% decline in the previous quarter. Prices of non-landed properties decreased by 0.8%, compared with the 1.2% decline in the previous quarter. For the whole of 2016, prices of landed properties decreased by 4.5% while prices of non-landed properties fell by 2.6%.

Prices of non-landed properties in Core Central Region (CCR) increased by 0.1%, compared with the 1.9% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) decreased by 2.0% and 0.6% respectively, compared with the 1.0% decrease in RCR and 1.0% decrease in OCR in the previous quarter (see Annexes A-1a, A-1b, A-2 & A-62).  For the whole of 2016, prices in CCR, RCR and OCR declined by 1.2%, 2.8% and 3.4% respectively.

Rentals of private residential properties fell 1.0%, compared with the 1.2% decline in the previous quarter.  For the whole of 2016, rentals of private residential properties fell 4.0%, compared with the 4.6% decline in 2015.

Rental Index of private residential properties



Rentals of landed properties fell 3.2%, after remaining unchanged in the previous quarter. Rentals of non-landed properties decreased by 0.7%, compared with the 1.4% decline in the previous quarter. For the whole of 2016, rentals of landed and non-landed private residential properties fell by 6.9% and 3.6% respectively.

Rentals of non-landed properties decreased by 0.4% in CCR, compared with the 1.4% decrease in the previous quarter. Rentals in RCR fell 0.1%, compared with the 0.6% decrease in the previous quarter. Rentals in OCR fell by 2.0%, compared with the 2.4% decrease in the previous quarter (see Annexes A-3a, A-3b & A-4).  For the whole of 2016, rentals of non-landed private residential properties in CCR, RCR and OCR fell by 3.3%, 1.9% and 6.7% respectively.

Launches and Take-up

Developers launched 2,944 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2016, compared with 1,609 units in the previous quarter (see Annex C-1). For the whole of 2016, developers launched 7,877 units, compared with 7,056 units in 2015.

Developers sold 2,316 private residential units (excluding ECs) in 4th Quarter 2016, compared with the 1,981 units sold in the previous quarter (see Annex D).  For the whole of 2016, developers sold 7,972 units, compared with 7,440 units in 2015.

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

Developers launched 93 EC units for sale in 4th Quarter 2016 and sold 734 EC units over the same period (see Annex F), compared with the 862 EC units launched and 1,398 units sold in the previous quarter. For the whole of 2016, developers sold 3,999 EC units, compared with 2,550 EC units in 2015.

Resales and Sub-sales

There were 1,944 resale transactions in 4th Quarter 2016, compared with the 2,477 units transacted in the previous quarter. Resale transactions accounted for 44.3% of all sale transactions in 4th Quarter 2016, compared with 53.9% in the previous quarter (see Annex D). For the whole of 2016, there were 7,901 resale transactions, compared with 6,160 resale transactions in 2015.

There were 125 sub-sale transactions in 4th Quarter 2016, compared with the 138 units transacted in the previous quarter. Sub-sales accounted for 2.9% of all sale transactions in 4th Quarter 2016, compared with 3.0% in the previous quarter (see Annex D).  For the whole of 2016, there were 505 sub-sale transactions, compared with 517 sub-sale transactions in 2015.

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

Supply in the Pipeline

As at the end of 4th Quarter 2016, there was a total supply of 40,913 uncompleted private residential units (excluding ECs) in the pipeline, compared with the 43,693 units in the previous quarter (see Annexes E-1 & E-2). Of this number, 19,071 units remained unsold as at 4th Quarter 2016 (see Annexes B-1 & B-2).

After adding the supply of 9,635 EC units in the pipeline, there were 50,548 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 3,970 units remained unsold. In total, 23,041 units (including ECs) remained unsold.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 18,307 units (including ECs) will be completed in 2017. Another 13,785 units (including ECs) will be completed in 2018.

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


Note: 20,803 private residential units and 5,485 executive condominiums were completed (i.e. obtained TOP) in 2016.

Stock and Vacancy

URA has enhanced the existing methodology used to compile the vacancy rates of private residential units and increased the survey coverage to include all completed private residential units in Singapore5. The vacancy rate of private residential units continues to be inferred from their utility consumption levels. In tandem with the enhancement, we are also releasing vacancy rate data by market segment (i.e. CCR, RCR and OCR) starting this quarter.

The stock of completed private residential units (excluding ECs) increased by 4,433 units in 4th Quarter 2016, compared with an increase of 4,919 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,072 units in 4th Quarter 2016, compared with an increase of 5,393 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.4% at the end of 4th Quarter 2016, from 8.7% at the end of the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)

Vacancy rates of completed private residential properties at the end of 4th Quarter 2016 in CCR, RCR and OCR were 9.6%, 9.6% and 7.1% respectively (see Annex E-4).

OFFICE SPACE

Office market at a glance:

 

Prices and Rentals

Prices of office space decreased by 0.6% in 4th Quarter 2016, compared with the 0.4% decline in the previous quarter (see Annexes A-1a & A-1b). Rentals of office space fell by 1.8% in 4th Quarter 2016, compared with the decline of 1.1% in the previous quarter (see Annexes A-3a, A-3b & A-5).  For the whole of 2016, prices and rentals of office space fell by 2.8% and 8.2% respectively, compared with the 0.1% and 6.5% decline in 2015.

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 2016, there was a total supply of about 786,000 sq m GFA of office space in the pipeline, compared with the 879,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space increased by 1,000 sq m (nett) in 4th Quarter 2016, compared with the decrease of 5,000 sq m (nett) in the previous quarter. The stock of office space increased by 66,000 sq m (nett) in 4th Quarter 2016, compared with the increase of 101,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 4th Quarter 2016 rose to 11.1%, from 10.4% at the end of the previous quarter (see Annexes A-5 & E-1).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

Prices of retail space increased by 0.2% in 4th Quarter 2016, compared with the decrease of 0.6% in the previous quarter (see Annexes A-1a & A-1b). Rentals of retail space decreased by 1.2% in 4th Quarter 2016, compared with the decrease of 1.5% in the previous quarter (see Annexes A-3a, A-3b & A-5).  For the whole of 2016, prices and rentals of retail space fell by 5.4% and 8.3% respectively, compared with the 0.8% and 4.1% decline in 2015.

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 2016, there was a total supply of 595,000 sq m GFA of retail space from projects in the pipeline, compared with the 652,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space increased by 66,000 sq m (nett) in 4th Quarter 2016, compared with the decrease of 26,000 sq m (nett) in the previous quarter. The stock of retail space increased by 10,000 sq m (nett) in 4th Quarter 2016, compared with the increase of 17,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space dropped to 7.5% at the end of 4th Quarter 2016, from 8.4% at the end of the previous quarter (see Annexes A-5 & E-1).

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 https://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 https://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1.
3 Projects in the pipeline refer to new development and redevelopment projects with planning approval, i.e. either Provisional Permission (PP) or Written Permission (WP).
4 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
Prior to this, the vacancy rate for private residential properties was compiled based on a representative sample of properties.

 

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