The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20191.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
* Figures exclude Executive Condominium (ECs)
Prices and Rentals
Prices of private residential properties decreased by 0.7% in 1st Quarter 2019, compared with the 0.1% decrease in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties increased by 1.1% in 1st Quarter 2019, compared with the 2.0% decrease in the previous quarter. Prices of non-landed properties decreased by 1.1% in 1st Quarter 2019, compared with the 0.5% increase in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) decreased by 3.0% in 1st Quarter 2019, compared with the 1.0% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 0.7%, compared with the 1.8% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 0.2%, compared with the 0.7% increase in the previous quarter (see Annex A-1, Annex A-2 & Annex A-62).
Rentals of private residential properties increased by 1.0% in 1st Quarter 2019, compared with the 1.0% decrease in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties increased by 0.2% in 1st Quarter 2019, compared with the 2.1% decrease in the previous quarter. Rentals of non-landed properties increased by 1.1%, compared with the 0.8% decrease in the previous quarter.
Rentals of non-landed properties in CCR increased by 1.6%, compared with the 0.6% decrease in the previous quarter. Rentals in RCR decreased by 0.3%, compared with the 0.5% decrease in the previous quarter. Rentals in OCR increased by 1.7%, compared with the 1.7% decrease in the previous quarter (see Annex A-3 & Annex A-4).
Launches and Take-up
Developers launched 2,989 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2019, compared with 1,657 units in the previous quarter (see Annex C-1).
Developers sold 1,838 private residential units (excluding ECs) in 1st Quarter 2019, compared with the 1,836 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 1st Quarter 2019. Nevertheless, they sold 10 EC units from previous launches over the period (see Annex F). In comparison, developers also did not launch any EC units and sold 29 EC units in the previous quarter.
Resales and Sub-sales
There were 1,858 resale transactions in 1st Quarter 2019, compared with the 1,971 units transacted in the previous quarter. Resale transactions accounted for 49.6% of all sale transactions in 1st Quarter 2019, compared with 51.1% in the previous quarter (see Annex D).
There were 47 sub-sale transactions in 1st Quarter 2019, compared with the 53 units transacted in the previous quarter. Sub-sales accounted for 1.3% of all sale transactions in 1st Quarter 2019, compared with 1.4% 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 2019, there was a total supply of 53,284 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 51,498 units in the previous quarter (see Annex E-1 & Annex E-24). Of this number, 36,839 units remained unsold as at the end of 1st Quarter 2019, up from 34,824 units in the previous quarter (see Annex B-1 & Annex B-2).
After adding the supply of 3,519 EC units in the pipeline, there were 56,803 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,871 units remained unsold. In total, 38,710 units with planning approvals (including ECs) remained unsold, up from 35,649 units in the previous quarter. Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 7,745 units (including ECs) will be completed in the remaining 3 quarters of 2019. Another 4,859 units (including ECs) will be completed in 2020.
Pipeline supply of private residential units and ECs (with planning approvals) by expected year of completion
Note: 2,262 private residential units and 358 executive condominiums were completed (i.e. obtained TOP) in 1Q2019.
Apart from the 38,710 unsold units (including ECs) with planning approval as at the end of 1st Quarter 2019, there is a potential supply of 5,200 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 4,700 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 500 units from awarded en-bloc sale sites5.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 953 units in 1st Quarter 2019, compared with the increase of 3,165 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 1,192 units in 1st Quarter 2019, compared with the increase of 4,674 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.3% as at the end of 1st Quarter 2019, from 6.4% in the previous quarter (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
Vacancy rates of completed private residential properties as at the end of 1st Quarter 2019 in CCR, RCR and OCR were 7.6%, 6.8% and 5.4% respectively, compared with the 7.9%, 7.4% and 5.1% in the previous quarter (see Annex E-4).
OFFICE SPACE
Office market at a glance:
Prices of office space increased by 3.0% in 1st Quarter 2019, compared with the 2.4% increase in the previous quarter (see Annex A-1). Rentals of office space decreased by 0.6% in 1st Quarter 2019, compared with the 0.5% increase in the previous quarter (see Annex A-3 & Annex A-5).
Property Price Index of office space in Central region
Rental Index of office space in Central region
As at the end of 1st Quarter 2019, there was a total supply of about 733,000 sq m GFA of office space in the pipeline, compared with the 732,000 sq m GFA of office space in the pipeline in the previous quarter (see Annex E-1 & Annex E-2).
Pipeline supply of office space
Note: 27,282 sq m of office space was completed (i.e. granted TOP) in 1Q2019
The amount of occupied office space increased by 19,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 39,000 sq m (nett) in the previous quarter. The stock of office space decreased by 6,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 59,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 11.8% as at the end of 1st Quarter 2019, from 12.1% as at the end of the previous quarter (see Annex A-5 & Annex E-1).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices of retail space decreased by 1.9% in 1st Quarter 2019, compared with the increase of 1.5% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 0.2% in 1st Quarter 2019, compared with the increase of 1.2% in the previous quarter (see Annex A-3 & Annex A-5).
Property Price Index of retail space in Central region
Rental Index of retail space in Central region
As at the end of 1st Quarter 2019, there was a total supply of 364,000 sq m GFA of retail space from projects in the pipeline, compared with the 387,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annex E-1 & Annex E-2).
Pipeline supply of retail space
Note: 28,013 sq m of retail space was completed (i.e. granted TOP) in 1Q2019.
The amount of occupied retail space decreased by 14,000 sq m (nett) in 1st Quarter 2019, compared with an increase of 24,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 2,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 84,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 8.7% at the end of 1st Quarter 2019, from 8.5% at the end of the previous quarter (see Annex A-5 & Annex 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://www.ura.gov.sg/reis/index.
Summary of Key Information for 1st Quarter 2019