Summary of Key Information for 3rd Quarter 2017
The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2017.1
Private residential market at a glance:
* Figures exclude Executive Condominium (ECs)
Prices and Rentals Prices of private residential properties increased by 0.7% in 3rd Quarter 2017, compared with the 0.1% decline in the previous quarter. Property Price Index of private residential properties
Prices of landed properties rose by 1.2%, compared with the 0.3% decrease in the previous quarter. Prices of non-landed properties rose by 0.6%, compared with a decline of 0.1% in the previous quarter. Prices of non-landed properties in Core Central Region (CCR) increased by 0.1%, compared with the 0.5% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.5%, compared with the 0.6% increase in the previous quarter. Prices of non-landed properties in Outside Central Region increased by 0.8%, compared with a decrease of 0.3% in the previous quarter (see Annexes A-1, A-2 & A-62). Rentals of private residential properties remained unchanged, compared with the 0.2% decline in the previous quarter. Rental Index of private residential properties
Rentals of landed properties rose by 0.6%, compared with the 0.1% decline in the previous quarter. Rentals of non-landed properties decreased by 0.1%, compared with the 0.2% decline in the previous quarter. Rentals of non-landed properties in CCR decreased by 0.8%, compared with the 0.1% increase in the previous quarter. Rentals in RCR increased by 0.9%, compared with the 0.4% decline in the previous quarter. Rentals in OCR declined by 0.3%, compared with the 0.6% decrease in the previous quarter (see Annexes A-3 & A-4). Launches and Take-up Developers launched 1,183 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2017, compared with 2,011 units in the previous quarter (see Annex C-1). Developers sold 2,663 private residential units (excluding ECs) in 3rd Quarter 2017, compared with the 3,077 units sold in the previous quarter (see Annex D). Number of private housing units launched and sold by developers (excluding ECs)
Developers launched 531 EC units for sale in 3rd Quarter 2017 and sold 1,539 EC units over the same period (see Annex F), compared with no EC unit launched and 954 units sold in the previous quarter. Resales and Sub-sales
There were 3,949 resale transactions in 3rd Quarter 2017, compared with the 3,698 units transacted in the previous quarter. Resale transactions accounted for 59.0% of all sale transactions in 3rd Quarter 2017, compared with 53.6% in the previous quarter (see Annex D). There were 81 sub-sale transactions in 3rd Quarter 2017, compared with the 130 units transacted in the previous quarter. Sub-sales accounted for 1.2% of all sale transactions in 3rd Quarter 2017, compared with 1.9% 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 3rd Quarter 2017, there was a total supply of 35,022 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 35,423 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 16,031 units remained unsold as at the end of 3rd Quarter 2017 (see Annexes B-1 & B-2). After adding the supply of 7,254 EC units in the pipeline, there were 42,276 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,147 units remained unsold. In total, 17,178 units with planning approvals (including ECs) remained unsold. Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 6,006 units (including ECs) will be completed in the fourth quarter of 2017. Another 11,519 units (including ECs) will be completed in 2018.
Pipeline supply of private residential units and ECs by expected year of completion
Note: 12,200 private residential units and 3,001 executive condominiums were completed (i.e. obtained TOP) in 1Q-3Q 2017.
As en-bloc sales of existing sites has been very active over the past 1-2 years, the redevelopment of these en-bloc sites will add a significant number of housing units to the existing supply pipeline. Specifically, in addition to the 17,178 unsold units with planning approval, there is a potential supply of about 16,700 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approvals yet. They comprise (a) about 7,400 units from awarded GLS sites, Reserve List sites that have been triggered for sale but not awarded yet, and Confirmed List sites that have not been awarded yet, and (b) about 9,300 units from awarded en-bloc sale sites5. A large part of this new supply of 16,700 units could be made available for sale in the next 1-2 years, and will be completed by 2021 onwards. Stock and Vacancy The stock of completed private residential units (excluding ECs) increased by 3,974 units in 3rd Quarter 2017, compared with an increase of 3,806 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 2,726 units in 3rd Quarter 2017, compared with an increase of 3,360 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 8.4% at the end of 3rd Quarter 2017, compared with 8.1% in 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 3rd Quarter 2017 in CCR, RCR and OCR were 10.9%, 8.3% and 7.3% respectively, compared with the 10.3%, 8.1% and 7.1% in the previous quarter (see Annex E-4).
Office market at a glance:
Prices and Rentals Prices of office space increased by 0.4% in 3rd Quarter 2017, compared with the 1.4% decline in the previous quarter (see Annex A-1). Rentals of office space rose by 2.4% in 3rd Quarter 2017, compared with the decline of 1.1% 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 3rd Quarter 2017, there was a total supply of about 607,000 sq m GFA of office space in the pipeline, compared with the 719,000 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: 333,000 sqm of office space was completed (i.e. granted TOP) in 1Q-3Q 2017
Stock and Vacancy The amount of occupied office space increased by 10,000 sq m (nett) in 3rd Quarter 2017, compared with the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space increased by 91,000 sq m (nett) in 3rd Quarter 2017, compared with the increase of 76,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd Quarter 2017 rose to 13.3%, from 12.4% 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 and Rentals Prices of retail space decreased by 0.9% in 3rd Quarter 2017, compared with the decrease of 3.2% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 0.2% in 3rd 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
Supply in the Pipeline As at the end of 3rd Quarter 2017, there was a total supply of 556,000 sq m GFA of retail space from projects in the pipeline, compared with the 576,000 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: 125,000 sqm of retail space was completed (i.e. granted TOP) in 1Q-3Q 2017.
Stock and Vacancy The amount of occupied retail space increased by 15,000 sq m (nett) in 3rd Quarter 2017, compared with the decrease of 3,000 sq m (nett) in the previous quarter. The stock of retail space increased by 22,000 sq m (nett) in 3rd Quarter 2017, compared with the increase of 18,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.2% at the end of 3rd Quarter 2017, from 8.1% 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://www.ura.gov.sg/reis/index.