The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2020.1
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties increased by 0.8% in 3rd Quarter 2020, compared with the 0.3% increase in the previous quarter.
Property Price Index of private residential properties
Prices of landed properties increased by 3.7% in 3rd Quarter 2020, after remaining unchanged in the previous quarter. Prices of non-landed properties increased by 0.1% in 3rd Quarter 2020, compared with the 0.4% increase in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) decreased by 3.8% in 3rd Quarter 2020, compared with the 2.7% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 2.5%, compared with the 1.7% decrease in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.7%, compared with the 0.1% increase in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties decreased by 0.5% in 3rd Quarter 2020, compared with the 1.2% decrease in the previous quarter. Rental Index of private residential properties
Rentals of landed properties decreased by 0.1% in 3rd Quarter 2020, compared with the 2.3% decrease in the previous quarter. Rentals of non-landed properties decreased by 0.6%, compared with the 1.1% decrease in the previous quarter.
Rentals of non-landed properties in CCR decreased by 2.1%, compared with the 0.6% decrease in the previous quarter. Rentals in RCR increased by 0.3%, compared with the 1.9% decrease in the previous quarter. Rentals in OCR increased by 1.0%, compared with the 0.9% decrease in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
Developers launched 3,791 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2020, compared with 1,852 units in the previous quarter (see Annex C-1).
Developers sold 3,517 private residential units (excluding ECs) in 3rd Quarter 2020, compared with the 1,713 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 2020, and sold 164 EC units in the quarter (see Annex F). In comparison, developers did not launch any EC units and sold 71 EC units in the previous quarter.
Resales and Sub-sales
There were 3,467 resale transactions in 3rd Quarter 2020, compared with the 933 units transacted in the previous quarter. Resale transactions accounted for 49.2% of all sale transactions in 3rd Quarter 2020, compared with 35.0% in the previous quarter (see Annex D).
There were 63 sub-sale transactions in 3rd Quarter 2020, compared with the 18 units transacted in the previous quarter. Sub-sales accounted for 0.9% of all sale transactions in 3rd Quarter 2020, compared with 0.7% 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 2020, there was a total supply of 50,369 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 49,090 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 26,483 units remained unsold as at the end of 3rd Quarter 2020, compared with the 27,977 units in the previous quarter (see Annexes B-1 & B-2).
After adding the supply of 4,104 EC units in the pipeline, there were 54,473 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 2,244 units remained unsold. In total, 28,727 units with planning approvals (including ECs) remained unsold, down from 29,876 units in the previous quarter.
Total number of unsold private residential units in the pipeline
Based on the expected completion dates reported by developers, 1,519 units (including ECs) are expected to be completed in the remaining quarter of 2020. Another 7,318 units (including ECs) are expected to be completed in 2021.
Pipeline supply of private residential units and ECs (with planning approvals) by expected year of completion
Apart from the 28,727 unsold units (including ECs) with planning approval as at the end of 3rd Quarter 2020, there is a potential supply of around 3,100 units (including ECs) from Government Land Sales (GLS) sites that have not been granted planning approval yet.5
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 404 units in 3rd Quarter 2020, compared with the decrease of 173 units in the previous quarter. The stock of occupied private residential units (excluding ECs) decreased by 2,605 units in 3rd Quarter 2020, compared with the decrease of 13 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 6.2% as at the end of 3rd Quarter 2020, from 5.4% 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 3rd Quarter 2020 in CCR, RCR and OCR were 9.2%, 7.4% and 4.2% respectively, compared with the 7.5%, 6.1% and 4.0% in the previous quarter (see Annex E-4).
OFFICE SPACE
Office market at a glance:
Prices of office space increased by 0.2% in 3rd Quarter 2020, compared with the 4.3% decrease in the previous quarter (see Annex A-1). Rentals of office space decreased by 4.5% in 3rd Quarter 2020, after remaining unchanged 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 3rd Quarter 2020, there was a total supply of about 767,000 sq m GFA of office space in the pipeline, compared with the 668,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).
Pipeline supply of office space
The amount of occupied office space decreased by 19,000 sq m (nett) in 3rd Quarter 2020, compared with the decrease of 55,000 sq m (nett) in the previous quarter. The stock of office space decreased by 33,000 sq m (nett) in 3rd Quarter 2020, compared with the increase of 43,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 12.0% as at the end of 3rd Quarter 2020, from 12.1% 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 2.2% in 3rd Quarter 2020, compared with the decrease of 1.5% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 4.5% in 3rd Quarter 2020, following the decrease of 3.5% 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 3rd Quarter 2020, there was a total supply of 428,000 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
The amount of occupied retail space decreased by 50,000 sq m (nett) in 3rd Quarter 2020, compared with the decrease of 93,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 53,000 sq m (nett) in 3rd Quarter 2020, compared with the increase of 4,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space remained unchanged at 9.6% as at the end of 3rd Quarter 2020 (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/realis.
Annex A-3 [PDF, 21kb]