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Release of 1st Quarter 2021 real estate statistics

  Published: 23 April 2021

The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 2021.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

Prices and Rentals

Prices of private residential properties increased by 3.3% in 1st Quarter 2021, compared with the 2.1% increase in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties increased by 6.7% in 1st Quarter 2021, compared with the 1.6% decrease in the previous quarter. Prices of non-landed properties increased by 2.5% in 1st Quarter 2021, compared with the 3.0% increase in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) increased by 0.5% in 1st Quarter 2021, compared with the 3.2% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 6.1%, compared with the 4.4% increase in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) increased by 1.1%, compared with the 1.8% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 2.2% in 1st Quarter 2021, compared with the 0.1% increase in the previous quarter.
 
Rental Index of private residential properties

Rentals of landed properties increased by 0.6% in 1st Quarter 2021, compared with the 0.7% increase in the previous quarter. Rentals of non-landed properties increased by 2.4%, compared with the 0.1% decrease in the previous quarter.

Rentals of non-landed properties in CCR increased by 2.9%, compared with the 1.2% decrease in the previous quarter. Rentals in RCR increased by 2.0%, compared with the 0.9% increase in the previous quarter. Rentals in OCR increased by 2.1%, compared with the 0.9% increase in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 3,716 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2021, compared with 3,147 units in the previous quarter (see Annex C-1).

Developers sold 3,493 private residential units (excluding ECs) in 1st Quarter 2021, compared with the 2,603 units sold in the previous quarter (see Annex D).

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

Developers launched 700 EC units for sale in 1st Quarter 2021, and sold 647 EC units in the quarter (see Annex F). In comparison, developers did not launch any EC units and sold 133 EC units in the previous quarter. 

Resales and Sub-sales

There were 4,519 resale transactions in 1st Quarter 2021, compared with the 4,249 units transacted in the previous quarter. Resale transactions accounted for 55.8% of all sale transactions in 1st Quarter 2021, compared with 61.3% in the previous quarter (see Annex D).

There were 88 sub-sale transactions in 1st Quarter 2021, compared with the 77 units transacted in the previous quarter. Sub-sales accounted for 1.1% of all sale transactions in 1st Quarter 2021, same as that 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 2021, there was a total supply of 48,139 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 49,307 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 21,602 units remained unsold as at the end of 1st Quarter 2021, compared with the 24,296 units in the previous quarter (see Annexes B-1 & B-2).

After adding the supply of 4,113 EC units in the pipeline, there were 52,252 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 2,133 units remained unsold. In total, 23,735 units with planning approvals (including ECs) remained unsold, down from 26,426 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 4,942 units (including ECs) are expected to be completed in the remaining 3 quarters of 2021.  Another 11,264 units (including ECs) are expected to be completed in 2022.

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

Apart from the 23,735 unsold units (including ECs) with planning approval as at the end of 1st Quarter 2021, there is a potential supply of around 3,840 units (including ECs) from Government Land Sales (GLS) sites that have not been granted planning approval yet.5

The supply of private housing in the pipeline, including from GLS sites, will sufficiently cater to the housing needs of the population when completed over the next few years.  The Government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, where necessary, to ensure it remains adequate in meeting demand. 

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 1,777 units in 1st Quarter 2021, compared with the increase of 884 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,942 units in 1st Quarter 2021, compared with the decrease of 2,339 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.4% as at the end of 1st Quarter 2021, from 7.0% 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 2021 in CCR, RCR and OCR were 9.5%, 6.1% and 5.3% respectively, compared with the 11.0%, 7.3% and 5.1% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space decreased by 2.7% in 1st Quarter 2021, compared with the 3.1% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 3.3% in 1st Quarter 2021, compared with the 3.5% 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 2021, there was a total supply of about 761,000 sq m GFA of office space in the pipeline, compared with the 770,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space decreased by 19,000 sq m (nett) in 1st Quarter 2021, compared with the increase of 2,000 sq m (nett) in the previous quarter. The stock of office space decreased by 9,000 sq m (nett) in 1st Quarter 2021, compared with the decrease of 13,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 11.9% as at the end of 1st Quarter 2021, 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 and Rentals

Prices of retail space decreased by 3.2% in 1st Quarter 2021, compared with the decrease of 2.1% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 4.4% in 1st Quarter 2021, following the decrease of 5.2% 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

Supply in the Pipeline

As at the end of 1st Quarter 2021, there was a total supply of 428,000 sq m GFA of retail space from projects in the pipeline, compared with the 426,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space increased by 28,000 sq m (nett) in 1st Quarter 2021, compared with the increase of 24,000 sq m (nett) in the previous quarter. The stock of retail space increased by 10,000 sq m (nett) in 1st Quarter 2021, compared with the decrease of 26,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 8.5% as at the end of 1st Quarter 2021 (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

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
Projects in the pipeline are new development or redevelopment projects with planning approvals, i.e. Provisional Permission (PP) or Written Permission (WP).
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

These are from Confirmed List sites that have not been awarded yet.


Summary of key information for 1st Quarter 2021

Annex            Title 
Annex A-1
[PDF, 21kb] 
Comparison of Property Price Index for 4th Quarter 2020 and 1st Quarter 2021 
Annex A-2
[PDF, 25kb]  
Price Indices of Non-Landed Properties by Market Segment 
Annex A-3
[PDF, 21kb]  
Comparison of Rental Index for 4th Quarter 2020 and 1st Quarter 2021
Annex A-4
[PDF, 26kb] 
Rental Indices of Non-Landed Properties by Market Segment
Annex A-5
[PDF, 98kb] 
Median Rentals and Vacancy of Office and Retail Space
Annex A-6
[PDF, 25kb] 
Chart of Property Price Index by Type of Property
Annex A-7
[PDF, 17kb] 
Chart of Residential Property Price Index by Type
Annex B-1
[PDF, 18kb] 
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2
[PDF, 25kb] 
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1
[PDF, 29kb] 
Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2
[PDF, 79kb] 
Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D
[PDF, 122kb] 
Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1
[PDF, 78kb] 
Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2021
Annex E-2
[PDF, 85kb] 
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2021
Annex E-3
[PDF, 40kb] 
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 1st Quarter 2021
Annex E-4
[PDF, 23kb] 
Vacancy of Private Residential Units by Market Segment
Annex F
[PDF, 96kb] 
Number of Executive Condominium Units Launched and Sold in the Quarter

 

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