The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 20191.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
*Figures exclude Executive Condominium (ECs)
Prices and Rentals
Prices of private residential properties increased by 1.5% in 2nd Quarter 2019, compared with the 0.7% decrease in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties decreased by 0.1% in 2nd Quarter 2019, compared with the 1.1% increase in the previous quarter. Prices of non-landed properties increased by 2.0% in 2nd Quarter 2019, compared with the 1.1% decrease in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) increased by 2.3% in 2nd Quarter 2019, compared with the 3.0% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 3.5%, compared with the 0.7% decrease in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 0.4%, compared with the 0.2% increase in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties increased by 1.3% in 2nd Quarter 2019, compared with the 1.0% increase in the previous quarter.
Rental Index of private residential properties
Rentals of landed properties increased by 0.3% in 2nd Quarter 2019, compared with the 0.2% increase in the previous quarter. Rentals of non-landed properties increased by 1.4%, compared with the 1.1% increase in the previous quarter.
Rentals of non-landed properties in CCR increased by 1.5%, compared with the 1.6% increase in the previous quarter. Rentals in RCR increased by 1.4%, compared with the 0.3% decrease in the previous quarter. Rentals in OCR increased by 1.2%, compared with the 1.7% increase in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 2,502 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2019, compared with 2,989 units in the previous quarter (see Annex C-1).
Developers sold 2,350 private residential units (excluding ECs) in 2nd Quarter 2019, compared with the 1,838 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 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 10 EC units in the previous quarter.
Resales and Sub-sales
There were 2,371 resale transactions in 2nd Quarter 2019, compared with the 1,858 units transacted in the previous quarter. Resale transactions accounted for 49.7% of all sale transactions in 2nd Quarter 2019, compared with 49.6% in the previous quarter (see Annex D).
There were 45 sub-sale transactions in 2nd Quarter 2019, compared with the 47 units transacted in the previous quarter. Sub-sales accounted for 0.9% of all sale transactions in 2nd Quarter 2019, 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 2019, there was a total supply of 50,674 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 53,284 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 33,673 units remained unsold as at the end of 2nd Quarter 2019, compared with the 36,839 units in the previous quarter (see Annexes B-1 & B-2).
After adding the supply of 3,022 EC units in the pipeline, there were 53,696 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,865 units remained unsold. In total, 35,538 units with planning approvals (including ECs) remained unsold, down from 38,710 units in the previous quarter. Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 4,398 units (including ECs) will be completed in the remaining 2 quarters of 2019. Another 5,265 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: 4,136 private residential units and 855 executive condominiums were completed (i.e. obtained TOP) in 1H2019.
Apart from the 35,538 unsold units (including ECs) with planning approval as at the end of 2nd Quarter 2019, there is a potential supply of 7,100 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 6,500 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 600 units from awarded en-bloc sale sites5.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 863 units in 2nd Quarter 2019, compared with the increase of 953 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 584 units in 2nd Quarter 2019, compared with the increase of 1,192 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 6.4% as at the end of 2nd Quarter 2019, from 6.3% 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 2nd Quarter 2019 in CCR, RCR and OCR were 7.8%, 6.4% and 5.7% respectively, compared with the 7.6%, 6.8% and 5.4% in the previous quarter (see Annex E-4).
OFFICE SPACE
Office market at a glance:
Prices of office space increased by 0.9% in 2nd Quarter 2019, compared with the 3.0% increase in the previous quarter (see Annex A-1). Rentals of office space increased by 1.3% in 2nd Quarter 2019, compared with the 0.6% decrease 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
As at the end of 2nd Quarter 2019, there was a total supply of about 732,000 sq m GFA of office space in the pipeline, compared with the 733,000 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: 54,125 sq m of office space was completed (i.e. granted TOP) in 1H2019
The amount of occupied office space increased by 35,000 sq m (nett) in 2nd Quarter 2019, compared with the increase of 19,000 sq m (nett) in the previous quarter. The stock of office space increased by 7,000 sq m (nett) in 2nd Quarter 2019, compared with the decrease of 6,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 11.5% as at the end of 2nd Quarter 2019, from 11.8% as 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 of retail space increased by 0.4% in 2nd Quarter 2019, compared with the decrease of 1.9% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 1.5% in 2nd Quarter 2019, compared with the decrease of 0.2% 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
As at the end of 2nd Quarter 2019, there was a total supply of 320,000 sq m GFA of retail space from projects in the pipeline, compared with the 364,000 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: 92,901 sq m of retail space was completed (i.e. granted TOP) in 1H2019.
The amount of occupied retail space increased by 74,000 sq m (nett) in 2nd Quarter 2019, compared with a decrease of 14,000 sq m (nett) in the previous quarter. The stock of retail space increased by 18,000 sq m (nett) in 2nd Quarter 2019, compared with the decrease of 2,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 7.7% at the end of 2nd Quarter 2019, from 8.7% 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://www.ura.gov.sg/reis/index.
Projects in the pipeline are new development or redevelopment projects with planning approvals, i.e. Provisional Permission (PP) or Written Permission (WP).
Summary of Key Information for 2nd Quarter 2019