Release of 2nd Quarter 2017 real estate statistics

Summary of Key Information for 2nd Quarter 2017

Annex Title
Annex A-1 [PDF, 14kb] Comparison of Property Price Index for 1st Quarter 2017 and 2nd Quarter 2017
Annex A-2 [PDF, 16kb] Price Indices of Non-Landed Properties by Market Segment
Annex A-3 [PDF, 15kb] Comparison of Rental Index for 1st Quarter 2017 and 2nd Quarter 2017
Annex A-4 [PDF, 19kb] Rental Indices of Non-Landed Properties by Market Segment
Annex A-5 [PDF, 97kb]
Median Rentals and Vacancy of Office and Retail Space
Annex A-6 [PDF, 14kb]
Chart of Property Price Index by Type of Property
Annex A-7 [PDF, 14kb]
Chart of Residential Property Price Index by Type
Annex B-1 [PDF, 13kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 18kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 [PDF, 19kb]
Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 [PDF, 82kb]
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 2nd Quarter 2017
Annex E-2 [PDF, 14kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 2nd Quarter 2017
Annex E-3 [PDF, 15kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 2nd Quarter 2017
Annex E-4 [PDF, 16kb]
Vacancy of Private Residential Units by Market Segment
Annex F [PDF, 93kb] Number of Executive Condominium Units Launched and Sold in the Quarter

  Published: 28 July 2017

The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2017.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


* Figures excluding Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 0.1% in 2nd Quarter 2017, compared with the 0.4% decline in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties declined by 0.3%, compared with the 1.8% decrease in the previous quarter. Prices of non-landed properties declined by 0.1%, after remaining unchanged in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 0.5%, compared with the 0.4% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.6%, compared with the 0.3% increase in the previous quarter.  Prices of non-landed properties in Outside Central Region decreased by 0.3%, compared with an increase of 0.1% in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties fell 0.2%, compared with the 0.9% decline in the previous quarter.

Rental Index of private residential properties

Rentals of landed properties fell 0.1%, compared with the 2.3% decline in the previous quarter. Rentals of non-landed properties decreased by 0.2%, compared with the 0.7% decline in the previous quarter.

Rentals of non-landed properties CCR increased by 0.1%, compared with the 0.7% decrease in the previous quarter. Rentals in RCR decreased by 0.4%, compared with the 1.2% decline in the previous quarter.  Rentals in OCR declined by 0.6%, compared with the 0.4% increase in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 2,011 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2017, compared with 1,949 units in the previous quarter (see Annex C-1).

Developers sold 3,077 private residential units (excluding ECs) in 2nd Quarter 2017, compared with the 2,962 units sold in the previous quarter (see Annex D).

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

Developers did not launch any EC units for sale in 2nd Quarter 2017 and sold 954 EC units over the same period (see Annex F), compared with the 1,024 EC units launched and 1,072 units sold in the previous quarter.

Resales and Sub-sales

There were 3,698 resale transactions in 2nd Quarter 2017, compared with the 2,170 units transacted in the previous quarter. Resale transactions accounted for 53.6% of all sale transactions in 2nd Quarter 2017, compared with 41.7% in the previous quarter (see Annex D).

There were 130 sub-sale transactions in 2nd Quarter 2017, compared with the 70 units transacted in the previous quarter. Sub-sales accounted for 1.9% of all sale transactions in 2nd Quarter 2017, compared with 1.3% 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 2nd Quarter 2017, there was a total supply of 35,4233 uncompleted private residential units (excluding ECs) in the pipeline, compared with the 36,942 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 15,085 units remained unsold as at the end of 2nd Quarter 2017 (see Annexes B-1 & B-2).

After adding the supply of 7,779 EC units in the pipeline, there were 43,202 units in the pipeline (see Annex E-3). Of the EC units in the pipeline, 2,742 units remained unsold. In total, 17,827 units (including ECs) remained unsold. 

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 9,415 units (including ECs) will be completed in the second half of 2017. Another 12,681 units (including ECs) will be completed in 2018.

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


Note: 8,134 private residential units and 2,476 executive condominiums were completed (i.e. obtained TOP) in 1H2017.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 3,806 units in 2nd Quarter 2017, compared with an increase of 4,230 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,360 units in 2nd Quarter 2017, compared with an increase of 4,985 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) remained unchanged at 8.1% at the end of 2nd Quarter 2017 compared with 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 2nd Quarter 2017 in CCR, RCR and OCR were 10.3%, 8.1% and 7.1% respectively, compared with the 9.6%, 8.4% and 7.2% in the previous quarter (see Annex E-4).

OFFICE SPACE


Office market at a glance:

Prices and Rentals

Prices of office space decreased by 1.4% in 2nd Quarter 2017, compared with the 4.0% decline in the previous quarter (see Annex A-1). Rentals of office space fell by 1.1% in 2nd Quarter 2017, compared with the decline of 3.4% in the previous quarter (see Annexes A-3 & A-5).

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 2017, there was a total supply of about 719,000 sq m GFA of office space in the pipeline, compared with the 826,000 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: 217,000 sqm of office space was completed (i.e. granted TOP) in 1H2017

Stock and Vacancy

The amount of occupied office space increased by 1,000 sq m (nett) in 2nd Quarter 2017, compared with the decrease of 6,000 sq m (nett) in the previous quarter. The stock of office space increased by 76,000 sq m (nett) in 2nd Quarter 2017, compared with the increase of 31,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd Quarter 2017 rose to 12.4%, from 11.6% 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 decreased by 3.2% in 2nd Quarter 2017, compared with the decrease of 4.0% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 1.2% in 2nd Quarter 2017, compared with the decrease of 2.9% in the previous quarter (see Annexes A-3 & A-5).

Property Price Index of retail space

Rental Index of retail space in Central region

Supply in the Pipeline

As at the end of 2nd Quarter 2017, there was a total supply of 576,000 sq m GFA of retail space from projects in the pipeline, compared with the 606,000 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: 76,000 sqm of retail space was completed (i.e. granted TOP) in 1H2017.

Stock and Vacancy

The amount of occupied retail space decreased by 3,000 sq m (nett) in 2nd Quarter 2017, compared with the decrease of 41,000 sq m (nett) in the previous quarter. The stock of retail space increased by 18,000 sq m (nett) in 2nd Quarter 2017, compared with the decrease of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.1% at the end of 2nd Quarter 2017, from 7.7% 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.

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.

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