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Release of 1st Quarter 2020 real estate statistics

  Published: 24 April 2020

The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20201.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


*Figures exclude Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 1.0% in 1st Quarter 2020, compared with the 0.5% increase in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties decreased by 0.9% in 1st Quarter 2020, compared with the 3.6% increase in the previous quarter. Prices of non-landed properties decreased by 1.0% in 1st Quarter 2020, compared with the 0.3% decrease in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 2.2% in 1st Quarter 2020, compared with the 2.8% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 0.5%, compared with the 1.3% decrease in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) decreased by 0.4%, compared with the 2.8% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 1.1% in 1st Quarter 2020, compared with the 1.0% decrease in the previous quarter.
 
Rental Index of private residential properties

Rentals of landed properties decreased by 0.9% in 1st Quarter 2020, compared with the 1.6% decrease in the previous quarter. Rentals of non-landed properties increased by 1.3%, compared with the 0.9% decrease in the previous quarter.

Rentals of non-landed properties in CCR increased by 1.4%, compared with the 1.0% decrease in the previous quarter. Rentals in RCR increased by 0.6%, compared with the 0.7% decrease in the previous quarter. Rentals in OCR increased by 1.9%, compared with the 1.0% decrease in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 2,093 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2020, compared with 2,226 units in the previous quarter (see Annex C-1)

Developers sold 2,149 private residential units (excluding ECs) in 1st Quarter 2020, compared with the 2,443 units sold in the previous quarter (see Annex D).

Number of private housing units launched and sold by developers (excluding ECs)

Developers launched 1,044 EC units for sale in 1st Quarter 2020, and sold 590 EC units in the quarter (see Annex F). In comparison, developers did not launch any EC units and sold 59 EC units in the previous quarter. 

Resales and Sub-sales

There were 2,080 resale transactions in 1st Quarter 2020, compared with the 2,342 units transacted in the previous quarter. Resale transactions accounted for 48.7% of all sale transactions in 1st Quarter 2020, compared with 48.0% in the previous quarter (see Annex D).

There were 40 sub-sale transactions in 1st Quarter 2020, compared with the 93 units transacted in the previous quarter. Sub-sales accounted for 0.9% of all sale transactions in 1st Quarter 2020, 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 1st Quarter 2020, there was a total supply of 48,868 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 49,173 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 29,149 units remained unsold as at the end of 1st Quarter 2020, compared with the 30,162 units in the previous quarter (see Annexes B-1 & B-2).

After adding the supply of 3,613 EC units in the pipeline, there were 52,481 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,950 units remained unsold. In total, 31,099 units with planning approvals (including ECs) remained unsold, down from 32,272 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 5,134 units (including ECs) will be completed in the remaining 3 quarters of 2020.  Another 10,816 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: 1,528 private residential units and 0 executive condominium units were completed (i.e. obtained TOP) in 1Q2020.

Apart from the 31,099 unsold units (including ECs) with planning approval as at the end of 1st Quarter 2020, there is a potential supply of around 4,100 units (including ECs) from Government Land Sales (GLS) sites that have not been granted planning approval yet5

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 1,364 units in 1st Quarter 2020, compared with the increase of 1,476 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 1,521 units in 1st Quarter 2020, compared with the increase of 3,816 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 5.4% as at the end of 1st Quarter 2020, from 5.5% 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 2020 in CCR, RCR and OCR were 7.4%, 6.2% and 4.1% respectively, compared with the 6.9%, 5.8% and 4.7% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space decreased by 4.0% in 1st Quarter 2020, compared with the 0.5% decrease in the previous quarter (see Annex A-1). Rentals of office space decreased by 0.8% in 1st Quarter 2020, compared with the 3.2% 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

Supply in the Pipeline

As at the end of 1st Quarter 2020, there was a total supply of about 682,000 sq m GFA of office space in the pipeline, compared with the 753,000 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: 106,375 sq m of office space was completed (i.e. granted TOP) in 1Q2020

Stock and Vacancy

The amount of occupied office space decreased by 7,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 30,000 sq m (nett) in the previous quarter. The stock of office space increased by 33,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 11.0% as at the end of 1st Quarter 2020, from 10.5% 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 decreased by 3.1% in 1st Quarter 2020, compared with the increase of 1.8% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 2.3% in 1st Quarter 2020, following the increase of 2.3% 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 1st Quarter 2020, there was a total supply of 358,000 sq m GFA of retail space from projects in the pipeline, compared with the 333,000 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: 20,375 sq m of retail space was completed (i.e. granted TOP) in 1Q2020.

Stock and Vacancy

The amount of occupied retail space decreased by 43,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 26,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 15,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 8.0% as at the end of 1st Quarter 2020, from 7.5% as 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 are from awarded GLS sites and Confirmed List sites that have not been awarded yet. 

 


 

SUMMARY OF KEY INFORMATION FOR 1ST QUARTER 2020

 Annex  Title
 Annex A-1
[PDF, 18kb]
 Comparison of Property Price Index for 4th Quarter 2019 and 1st Quarter 2020
 Annex A-2
[PDF, 18kb]
 Price Indices of Non-Landed Properties by Market Segment
 Annex A-3
[PDF, 18kb]
 Comparison of Rental Index for 4th Quarter 2019 and 1st Quarter 2020
 Annex A-4
[PDF, 19kb]
 Rental Indices of Non-Landed Properties by Market Segment
 Annex A-5
[PDF, 31kb]
 Median Rentals and Vacancy of Office and Retail Space
 Annex A-6
[PDF, 71kb]
 Chart of Property Price Index by Type of Property
 Annex A-7
[PDF, 47kb]
 Chart of Residential Property Price Index by Type
 Annex B-1
[PDF, 17kb]
 Number of Unsold Private Residential Units from Projects with Planning Approvals
 Annex B-2
[PDF, 19kb]
 Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
 Annex C-1
[PDF, 20kb]
 Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
 Annex C-2
[PDF, 21kb]
 Number of Private Residential Units Sold in the Quarter by Market Segment
 Annex D
[PDF, 37kb]
 Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
 Annex E-1
[PDF, 28kb]
 Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2020
 Annex E-2
[PDF, 21kb]
 Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2020
 Annex E-3
[PDF, 20kb]
 Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 1st Quarter 2020
 Annex E-4
[PDF, 19kb]
 Vacancy of Private Residential Units by Market Segment
 Annex F
[PDF, 27kb]
 Number of Executive Condominium Units Launched and Sold in the Quarter

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