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Release of 4th Quarter 2019 real estate statistics

  Published: 23 January 2020

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th 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 0.5% in 4th Quarter 2019, compared with the 1.3% increase in the previous quarter. For the whole of 2019, prices of private residential properties increased by 2.7%, compared with the 7.9% increase in 2018.

Property Price Index of private residential properties

Prices of landed properties increased by 3.6% in 4th Quarter 2019, compared with 1.0% increase in the previous quarter. Prices of non-landed properties decreased by 0.3% in 4th Quarter 2019, compared with the 1.3% increase in the previous quarter. For the whole of 2019, prices of landed properties rose by 5.7% while those of non-landed properties rose by 1.9%.

Prices of non-landed properties in Core Central Region (CCR) decreased by 2.8% in 4th Quarter 2019, compared with the 2.0% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 1.3%, compared with the 1.3% increase in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) increased by 2.8%, compared with the 0.8% increase in the previous quarter. For the whole of 2019, prices of non-landed properties in CCR decreased by 1.7%, while prices in RCR and OCR increased by 2.8% and 4.2% respectively (see Annexes A-1a, A-1b, A-2 & A-62).

Rentals of private residential properties decreased by 1.0% in 4th Quarter 2019, compared with the 0.1% increase in the previous quarter. For the whole of 2019, rentals of private residential properties increased by 1.4% compared with the 0.6% increase in 2018.

Rental Index of private residential properties

Rentals of landed properties decreased by 1.6% in 4th Quarter 2019, compared with the 2.3% decrease in the previous quarter. Rentals of non-landed properties decreased by 0.9%, compared with the 0.4% increase in the previous quarter. For the whole of 2019, rentals of landed properties decreased by 3.4% while rentals of non-landed properties increased by 1.9%.

Rentals of non-landed properties in CCR decreased by 1.0%, compared with the 0.7% decrease in the previous quarter. Rentals in RCR decreased by 0.7%, compared with the 1.6% increase in the previous quarter.  Rentals in OCR decreased by 1.0%, compared with the 0.8% increase in the previous quarter. For the whole of 2019, rentals of non-landed properties increased by 1.4%, 2.0% and 2.7% in CCR, RCR and OCR respectively (see Annexes A-3a, A-3b & A-4).

Launches and Take-up

Developers launched 2,226 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2019, compared with 3,628 units in the previous quarter. For the whole of 2019, developers launched 11,345 uncompleted private residential properties, compared with the 8,769 units in the previous year (see Annex C-1).

Developers sold 2,443 private residential units (excluding ECs) in 4th Quarter 2019, compared with the 3,281 units sold in the previous quarter. For the whole of 2019, developers sold 9,912 private residential units, compared with the 8,795 units in the previous year (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 4th Quarter 2019. However, 59 EC units were sold in the quarter (see Annex F). In comparison, developers launched 820 EC units and sold 426 EC units in the previous quarter. For the whole of 2019, developers launched 820 EC units and sold 505 EC units, compared with the 628 units launched and 1,136 units sold in 2018.

Resales and Sub-sales

There were 2,342 resale transactions in 4th Quarter 2019, compared with the 2,378 units transacted in the previous quarter. Resale transactions accounted for 48.0% of all sale transactions in 4th Quarter 2019, compared with 41.3% in the previous quarter (see Annex D). For the whole of 2019, there were 8,949 resale transactions, compared with the 13,009 resale transactions in 2018.

There were 93 sub-sale transactions in 4th Quarter 2019, compared with the 104 units transacted in the previous quarter. Sub-sales accounted for 1.9% of all sale transactions in 4th Quarter 2019, compared with 1.8% in the previous quarter (see Annex D). For the whole of 2019, there were 289 sub-sale transactions, compared with the 335 sub-sale transactions in 2018.

Number of resale and sub-sale transactions for private residential units (excluding ECs)

Supply in the Pipeline

As at the end of 4th Quarter 2019, there was a total supply of 49,173 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 50,964 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 30,162 units remained unsold as at the end of 4th Quarter 2019, compared with the 31,948 units in the previous quarter (see Annexes B-1 & B-2).

After adding the supply of 3,192 EC units in the pipeline, there were 52,365 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 2,110 units remained unsold. In total, 32,272 units with planning approvals (including ECs) remained unsold, down from 34,089 units in the previous quarter and 35,649 units a year ago.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 6,922 units (including ECs) will be completed in 2020. Another 10,579 units (including ECs) will be completed in 2021.

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


Note: 7,527 private residential units and 1,386 executive condominium units were completed (i.e. obtained TOP) in 2019.

Apart from the 32,272 unsold units (including ECs) with planning approval as at the end of 4th Quarter 2019, there is a potential supply of 6,050 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet. These comprise (a) about 5,500 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 550 units from transacted en-bloc sale sites5.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 1,476 units in 4th Quarter 2019, compared with the increase of 278 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,816 units in 4th Quarter 2019, compared with the increase of 1,095 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 5.5% as at the end of 4th Quarter 2019, from 6.1% in the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)

Vacancy rates of completed private residential properties as at the end of 4th Quarter 2019 in CCR, RCR and OCR were 6.9%, 5.8% and 4.7% respectively, compared with the 8.2%, 6.0% and 5.3% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space decreased by 0.5% in 4th Quarter 2019, compared with the 3.9% decrease in the previous quarter (see Annexes A-1a & A-1b). Rentals of office space decreased by 3.2% in 4th Quarter 2019, compared with the 0.6% decrease in the previous quarter. For the whole of 2019, prices of office space decreased by 0.6%, compared with the increase of 5.7% in 2018; while rentals of office space decreased by 3.1%, compared with the increase of 7.4% in 2018 (see Annexes A-3a, A-3b & 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 4th Quarter 2019, there was a total supply of about 753,000 sq m GFA of office space in the pipeline, compared with the 738,000 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: 98,709 sq m of office space was completed (i.e. granted TOP) in 2019

Stock and Vacancy

The amount of occupied office space increased by 30,000 sq m (nett) in 4th Quarter 2019, compared with the increase of 71,000 sq m (nett) in the previous quarter. The stock of office space increased by 29,000 sq m (nett) in 4th Quarter 2019, compared with the decrease of 4,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 10.5% as at the end of 4th Quarter 2019, from 10.6% 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 and Rentals

Prices of retail space increased by 1.8% in 4th Quarter 2019, compared with the increase of 1.1% in the previous quarter (see Annexes A-1a & A-1b). Rentals of retail space increased by 2.3% in 4th Quarter 2019, following the same increase of 2.3% in the previous quarter. For the whole of 2019, prices of retail space increased by 1.3%, compared with the increase of 0.6% in 2018; while rentals of retail space increased by 2.9%, compared with the decline of 1.0% in 2018 (see Annexes A-3a, A-3b & 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 4th Quarter 2019, there was a total supply of 333,000 sq m GFA of retail space from projects in the pipeline, compared with the 288,000 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: 170,150 sq m of retail space was completed (i.e. granted TOP) in 2019.

Stock and Vacancy

The amount of occupied retail space increased by 26,000 sq m (nett) in 4th Quarter 2019, compared with the increase of 29,000 sq m (nett) in the previous quarter. The stock of retail space increased by 29,000 sq m (nett) in 4th Quarter 2019, compared with the increase of 16,000 sq m (nett) in the previous quarter. As the changes in occupied retail space and stock of retail space were similar, the island-wide vacancy rate of retail space remained at 7.5% as at the end of 4th Quarter 2019, same as 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 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 2019. 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 end of 4Q2019 have been included.

Summary of Key Information for 4th Quarter 2019

Annex Title
Annex A-1a 
[PDF, 14kb]
Comparison of Property Price Index for 3rd Quarter 2019 and 4th Quarter 2019
Annex A-1b [PDF, 14kb]
Comparison of Property Price Index for 2018 and 2019
Annex A-2
[PDF, 17kb]
Price Indices of Non-Landed Properties by Market Segment
Annex A-3a
[PDF, 14kb]
Comparison of Rental Index for 3rd Quarter 2019 and 4th Quarter 2019
Annex A-3b
[PDF, 14kb]
Comparison of Rental Index for 2018 and 2019
Annex A-4 
[PDF, 18kb]

Rental Indices of Non-Landed Properties by Market Segment
Annex A-5
[PDF, 86kb]
Median Rentals and Vacancy of Office and Retail Space
Annex A-6
[PDF, 20kb]
Chart of Property Price Index by Type of Property
Annex A-7
[PDF, 15kb]
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, 72kb]
Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D
[PDF, 99kb]
Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1
[PDF, 71kb]
Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2019
Annex E-2
[PDF, 76kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2019
Annex E-3
[PDF, 33kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2019
Annex E-4
[PDF, 16kb]
Vacancy of Private Residential Units by Market Segment
Annex F
[PDF, 82kb]
Number of Executive Condominium Units Launched and Sold in the Quarter

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