Summary of Key Information for 1st Quarter 2017
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2017
Annex F [PDF, 90kb]
The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20171.
Private residential market at a glance:
* Figures excluding Executive Condominium (ECs)
Prices and Rentals
Prices of private residential properties decreased by 0.4 % in 1st Quarter 2017, compared with the 0.5% decline in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties declined by 1.8%, compared with the 0.8% increase in the previous quarter. Prices of non-landed properties remained unchanged, compared with the 0.8% decline in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) decreased by 0.4%, compared with the 0.1% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) increased by 0.3% and 0.1% respectively, compared with the 2.0% and 0.6% decrease in the previous quarter respectively (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties fell 0.9%, compared with the 1.0% decline in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties fell 2.3%, compared with the 3.2% decline in the previous quarter. Rentals of non-landed properties decreased by 0.7%, the same rate of decline in the previous quarter.
Rentals of non-landed properties CCR and RCR decreased by 0.7% and 1.2% respectively, compared with the 0.4% and 0.1% decrease in the previous quarter. Rentals in OCR rose 0.4%, compared with the 2.0% decrease in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 1,949 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2017, compared with 2,944 units in the previous quarter (see Annex C-1).
Developers sold 2,962 private residential units (excluding ECs) in 1st Quarter 2017, compared with the 2,316 units sold in the previous quarter (see Annex D).
Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 1,024 EC units for sale in 1st Quarter 2017 and sold 1,072 EC units over the same period (see Annex F), compared with the 93 EC units launched and 734 units sold in the previous quarter.
Resales and Sub-sales
There were 2,170 resale transactions in 1st Quarter 2017, compared with the 1,944 units transacted in the previous quarter. Resale transactions accounted for 41.7% of all sale transactions in 1st Quarter 2017, compared with 44.3% in the previous quarter (see Annex D).
There were 70 sub-sale transactions in 1st Quarter 2017, compared with the 125 units transacted in the previous quarter. Sub-sales accounted for 1.3% of all sale transactions in 1st Quarter 2017, compared with 2.9% 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 1st Quarter 2017, there was a total supply of 36,9423 uncompleted private residential units (excluding ECs) in the pipeline, compared with the 40,913 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 15,930 units remained unsold as at 1st Quarter 2017 (see Annexes B-1 & B-2).
After adding the supply of 9,074 EC units in the pipeline, there were 46,016 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 2,940 units remained unsold. In total, 18,870 units (including ECs) remained unsold.
Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 14,242 units (including ECs) will be completed in the remaining three quarters of 2017. Another 13,278 units (including ECs) will be completed in 2018.
Pipeline supply of private residential units and ECs by expected year of completion
Note: 4,307 private residential units and 561 executive condominiums were completed (i.e. obtained TOP) in 1Q2017.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 4,230 units in 1st Quarter 2017, compared with an increase of 4,433 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,985 units in 1st Quarter 2017, compared with an increase of 5,072 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased from 8.4% at the end of the previous quarter to 8.1% at the end of 1st Quarter 2017 (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
Vacancy rates of completed private residential properties at the end of 1st Quarter 2017 in CCR, RCR and OCR were 9.6%, 8.4% and 7.2% respectively, compared with the 9.6%, 9.6% and 7.1% in the previous quarter (see Annex E-4).
Office market at a glance:
Prices of office space decreased by 4.0% in 1st Quarter 2017, compared with the 0.6% decline in the previous quarter (see Annex A-1). Rentals of office space fell by 3.4% in 1st Quarter 2017, compared with the decline of 1.8% 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 1st Quarter 2017, there was a total supply of about 826,000 sq m GFA of office space in the pipeline, compared with the 786,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).
Pipeline supply of office space
Note: 97,000 sqm of office space was completed (i.e. granted TOP) in 1Q2017
The amount of occupied office space decreased by 6,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space increased by 31,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 66,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 1st Quarter 2017 rose to 11.6%, from 11.1% 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 4.0% in 1st Quarter 2017, compared with the increase of 0.2% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 2.9% in 1st Quarter 2017, compared with the decrease of 1.2% 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 1st Quarter 2017, there was a total supply of 606,000 sq m GFA of retail space from projects in the pipeline, compared with the 595,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).
Pipeline supply of retail space
Note: 25,000 sqm of retail space was completed (i.e. granted TOP) in 1Q2017.
The amount of occupied retail space decreased by 41,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 66,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 29,000 sq m (nett) in 1st Quarter 2017, compared with the increase of 10,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.7% at the end of 1st Quarter 2017, from 7.5% 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.