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Release of 3rd Quarter 2018 real estate statistics

  Published: 26 October 2018

The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2018.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


* Figures exclude Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties increased by 0.5% in 3rd Quarter 2018, compared with the 3.4% increase in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties rose by 2.3% in 3rd Quarter 2018, compared with the 4.1% increase in the previous quarter. Prices of non-landed properties remained unchanged, compared with the 3.2% increase in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) increased by 1.3% in 3rd Quarter 2018, compared with the 0.9% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 1.3%, compared with the 5.6% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) decreased by 0.1%, compared with the 3.0% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 0.3% in 3rd Quarter 2018, compared with the 1.0% increase in the previous quarter.

Rental Index of private residential properties

Rentals of landed properties increased by 0.5% in 3rd Quarter 2018, compared with the 3.6% increase in the previous quarter. Rentals of non-landed properties increased by 0.3%, compared with the 0.6% increase in the previous quarter.

Rentals of non-landed properties in CCR decreased by 0.9%, compared with the 0.8% increase in the previous quarter. Rentals in RCR increased by 1.5%, compared with the 0.4% increase in the previous quarter.  Rentals in OCR increased by 0.9%, compared with the 0.8% increase in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 3,754 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2018, compared with 2,437 units in the previous quarter (see Annex C-1).

Developers sold 3,012 private residential units (excluding ECs) in 3rd Quarter 2018, compared with the 2,366 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 3rd Quarter 2018. Nevertheless, they sold 84 EC units from previous launches over the period (see Annex F). In comparison, developers launched 628 EC units and sold 762 EC units in the previous quarter.

Resales and Sub-sales

There were 2,672 resale transactions in 3rd Quarter 2018, compared with the 4,700 units transacted in the previous quarter. Resale transactions accounted for 46.3% of all sale transactions in 3rd Quarter 2018, compared with 65.4% in the previous quarter (see Annex D).

There were 81 sub-sale transactions in 3rd Quarter 2018, compared with the 120 units transacted in the previous quarter. Sub-sales accounted for 1.4% of all sale transactions in 3rd Quarter 2018, compared with 1.7% 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 2018, there was a total supply of 50,330 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 45,003 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 30,467 units remained unsold as at the end of 3rd Quarter 2018, up from 26,943 units in the previous quarter (see Annexes B-1 & B-2).

After adding the supply of 2,834 EC units in the pipeline, there were 53,164 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 828 units remained unsold. In total, 31,295 units with planning approvals (including ECs) remained unsold, up from 26,961 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 3,506 units (including ECs) will be completed in the last quarter of 2018.  Another 11,505 units (including ECs) will be completed in 2019.

Pipeline supply of private residential units and ECs (with planning approvals) by expected year of completion


Note: 4,392 private residential units and 4,130 executive condominiums were completed (i.e. obtained TOP) in 1Q-3Q 2018.

The redevelopment of the large number of private residential developments sold en-bloc since 2016 will add a significant number of new housing units to the supply pipeline.

As at the end of 3rd Quarter 2018, there were 31,295 unsold units with planning approval5, up from 26,961 units as at the end of 2nd Quarter 2018. In addition, there is a potential supply of 14,200 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet. They comprise (a) about 6,700 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 7,500 units from awarded en-bloc sale sites6. A large part of this new supply of 14,200 units could be made available for sale next year, and will be completed from 2022 onwards.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 83 units in 3rd Quarter 2018, compared with an increase of 1,152 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 1,042 units in 3rd Quarter 2018, compared with an increase of 1,994 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.8% at the end of 3rd Quarter 2018, compared with 7.1% 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 2018 in CCR, RCR and OCR were 10.4%, 8.1% and 4.5% respectively, compared with the 10.9%, 7.7% and 5.0% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space increased by 0.1% in 3rd Quarter 2018, compared with the 1.9% increase in the previous quarter (see Annex A-1). Rentals of office space increased by 2.5% in 3rd Quarter 2018, compared with the 1.6% increase in the previous quarter (see Annexes A-3 & A-5).

Property Price Index of office space in Central region

Rental Index of office space in Central region

Supply in the Pipeline

As at the end of 3rd Quarter 2018, there was a total supply of about 793,000 sq m GFA of office space in the pipeline, compared with the 725,000 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: 130,197 sqm of office space was completed (i.e. granted TOP) in 1Q-3Q 2018

Stock and Vacancy

The amount of occupied office space increased by 45,000 sq m (nett) in 3rd Quarter 2018, compared with the increase of 74,000 sq m (nett) in the previous quarter. The stock of office space increased by 28,000 sq m (nett) in 3rd Quarter 2018, compared with the increase of 60,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space dropped to 12.0% at the end of 3rd Quarter 2018, from 12.2% 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 0.3% in 3rd Quarter 2018, compared with the decrease of 1.3% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 1.2% in 3rd Quarter 2018, compared with the decrease of 1.1% in the previous quarter (see Annexes A-3 & A-5).

Property Price Index of retail space in Central region

Rental Index of retail space in Central region

Supply in the Pipeline

As at the end of 3rd Quarter 2018, there was a total supply of 501,000 sq m GFA of retail space from projects in the pipeline, compared with the 498,000 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: 78,103 sqm of retail space was completed (i.e. granted TOP) in 1Q-3Q 2018.
 
Stock and Vacancy

The amount of occupied retail space decreased by 26,000 sq m (nett) in 3rd Quarter 2018, compared with an increase of 21,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 11,000 sq m (nett) in 3rd Quarter 2018, 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 increased to 7.6% at the end of 3rd Quarter 2018, from 7.3% 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/app/property-market-information/id573494340?mt=8.
3 Projects in the pipeline are new development or redevelopment projects with planning approvals, i.e. 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
5 These include 4,122 new housing units from awarded en-bloc sale sites that were granted planning approval in 3rd Quarter 2018 for redevelopment.
6 The en-bloc sales of existing developments are subject to regulatory conditions, such as the issuance of the collective sale order by the Strata Titles Board under the Land Titles (Strata) Act. New private housing supply from these sites is estimated based on their site areas and allowable plot ratios under Master Plan 2014. For each site, the number of units proposed by the developer will be subject to detailed evaluation to determine if it can be supported. En-bloc sale sites sold up to mid-October 2018 have been included.

 


Summary of Key Information for 3rd Quarter 2018

Annex Title
Annex A-1 [PDF, 15kb] Comparison of Property Price Index for 2nd Quarter 2018 and 3rd Quarter 2018

Annex A-2 [PDF, 18kb]

Price Indices of Non-Landed Properties by Market Segment
Annex A-3 [PDF, 15kb] Comparison of Rental Index for 2nd Quarter 2018 and 3rd Quarter 2018

Annex A-4 [PDF, 20kb]

Rental Indices of Non-Landed Properties by Market Segment
Annex A-5 [PDF, 40kb] 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, 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, 25kb] Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D [PDF, 151kb] Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 24kb] Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2018
Annex E-2 [PDF, 29kb] Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2018
Annex E-3 [PDF, 14kb] Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 3rd Quarter 2018
Annex E-4 [PDF, 17kb] Vacancy of Private Residential Units by Market Segment
Annex F [PDF, 136kb] Number of Executive Condominium Units Launched and Sold in the Quarter

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