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Release of 2nd Quarter 2021 Real Estate Statistics

  Published: 23 July 2021

The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2021.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

Prices and Rentals

Prices of private residential properties increased by 0.8% in 2nd Quarter 2021, compared with the 3.3% increase in the previous quarter.

Property Price Index of private residential properties
 

Prices of landed properties decreased by 0.3% in 2nd Quarter 2021, compared with the 6.7% increase in the previous quarter. Prices of non-landed properties increased by 1.1% in 2nd Quarter 2021, compared with the 2.5% increase in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) increased by 1.1% in 2nd Quarter 2021, compared with the 0.5% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.1%, compared with the 6.1% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.9%, compared with the 1.1% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 2.9% in 2nd Quarter 2021, compared with the 2.2% increase in the previous quarter.

Rental Index of private residential properties


Rentals of landed properties increased by 1.4% in 2nd Quarter 2021, compared with the 0.6% increase in the previous quarter. Rentals of non-landed properties increased by 3.1%, compared with the 2.4% increase in the previous quarter.

Rentals of non-landed properties in CCR increased by 3.1%, compared with the 2.9% increase in the previous quarter. Rentals in RCR increased by 2.8%, compared with the 2.0% increase in the previous quarter. Rentals in OCR increased by 3.6%, compared with the 2.1% increase in the previous quarter (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 2,356 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2021, compared with 3,716 units in the previous quarter (see Annex C-1).

Developers sold 2,966 private residential units (excluding ECs) in 2nd Quarter 2021, compared with the 3,493 units sold in the previous quarter (see Annex D).

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

Developers launched 413 EC units for sale in 2nd Quarter 2021, and sold 495 EC units in the quarter (see Annex F). In comparison, developers launched 700 EC units and sold 647 EC units in the previous quarter. 

Resales and Sub-sales

There were 5,333 resale transactions in 2nd Quarter 2021, compared with the 4,519 units transacted in the previous quarter. Resale transactions accounted for 63.1% of all sale transactions in 2nd Quarter 2021, compared with 55.8% in the previous quarter (see Annex D).

There were 150 sub-sale transactions in 2nd Quarter 2021, compared with the 88 units transacted in the previous quarter. Sub-sales accounted for 1.8% of all sale transactions in 2nd Quarter 2021, compared with 1.1% 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 2021, there was a total supply of 47,097 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 48,139 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 19,384 units remained unsold as at the end of 2nd Quarter 2021, compared with the 21,602 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 51,210 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,671 units remained unsold. In total, 21,055 units with planning approvals (including ECs) remained unsold, down from 23,735 units in the previous quarter.

Total number of unsold private residential units in the pipeline


 
Based on the expected completion dates reported by developers, 3,684 units (including ECs) are expected to be completed in the remaining 2 quarters of 2021.  Another 10,626 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 21,055 unsold units (including ECs) with planning approval as at the end of 2nd Quarter 2021, there is a potential supply of around 6,700 units (including ECs) from Government Land Sales (GLS) sites that have not been granted planning approval yet5

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 1,645 units in 2nd Quarter 2021, compared with the increase of 1,777 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 2,020 units in 2nd Quarter 2021, compared with the increase of 3,942 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.3% as at the end of 2nd Quarter 2021, from 6.4% 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 2nd Quarter 2021 in CCR, RCR and OCR were 9.6%, 5.6% and 5.2% respectively, compared with the 9.5%, 6.1% 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 increased by 0.9% in 2nd Quarter 2021, compared with the 2.7% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 1.3% in 2nd Quarter 2021, compared with the 3.3% increase 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 2nd Quarter 2021, there was a total supply of about 697,000 sq m GFA of office space in the pipeline, compared with the 761,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipelne supply of office space

Stock and Vacancy

The amount of occupied office space decreased by 23,000 sq m (nett) in 2nd Quarter 2021, compared with the decrease of 19,000 sq m (nett) in the previous quarter. The stock of office space increased by 34,000 sq m (nett) in 2nd Quarter 2021, compared with the decrease of 9,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 12.6% as at the end of 2nd Quarter 2021, from 11.9% 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 2.8% in 2nd Quarter 2021, compared with the decrease of 3.2% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 0.5% in 2nd Quarter 2021, following the decrease of 4.4% 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 2nd Quarter 2021, there was a total supply of 419,000 sq m GFA of retail space from projects in the pipeline, compared with the 428,000 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 14,000 sq m (nett) in 2nd Quarter 2021, compared with the increase of 28,000 sq m (nett) in the previous quarter. The stock of retail space increased by 18,000 sq m (nett) in 2nd Quarter 2021, compared with the increase of 10,000 sq m (nett) in the previous quarter. The island-wide vacancy rate of retail space remained unchanged at 8.5% as at the end of 2nd 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.
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, Reserve List sites that have been triggered for sale but not awarded yet and Confirmed List sites that have not been awarded yet.


Summary of key information for 2nd Quarter 2021

Annex                 Title
Annex A-1
[PDF, 737kb]
Comparison of Property Price Index for 1st Quarter 2021 and 2nd Quarter 2021
Annex A-2
[PDF, 878kb]
Price Indices of Non-Landed Properties by Market Segment
Annex A-3
[PDF, 733kb]
Comparison of Rental Index for 1st Quarter 2021 and 2nd Quarter 2021
Annex A-4
[PDF, 926kb]
Rental Indices of Non-Landed Properties by Market Segment
Annex A-5
[PDF, 710kb]
Median Rentals and Vacancy of Office and Retail Space
Annex A-6
[PDF, 150kb]
Chart of Property Price Index by Type of Property
Annex A-7
[PDF, 102kb]
Chart of Residential Property Price Index by Type
Annex B-1
[PDF, 692kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2
[PDF, 995kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1
[PDF, 962kb]
Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2
[PDF, 632kb]
Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D
[PDF, 761kb]
Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1
[PDF, 573kb]
Stock & Vacancy and Supply in the Pipeline as at End of 2nd Quarter 2021
Annex E-2
[PDF, 655kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 2nd Quarter 2021
Annex E-3
[PDF, 267kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 2nd Quarter 2021
Annex E-4
[PDF, 835kb]
Vacancy of Private Residential Units by Market Segment
Annex F
[PDF, 681kb]
Number of Executive Condominium Units Launched and Sold in the Quarter

 

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