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Release of 3rd Quarter 2022 real estate statistics

  Published: 28 October 2022

The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2022.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:



Prices and Rentals

Prices of private residential properties increased by 3.8% in 3rd Quarter 2022, compared with the 3.5% increase in the previous quarter. 

Property Price Index of private residential properties



Prices of landed properties increased by 1.6% in 3rd Quarter 2022, compared with the 2.9% increase in the previous quarter. Prices of non-landed properties increased by 4.4% in 3rd Quarter 2022, compared with the 3.6% increase in the previous quarter. 

Prices of non-landed properties in Core Central Region (CCR) increased by 2.3% in 3rd Quarter 2022, compared with the 1.9% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 2.8%, compared with the 6.4% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 7.5%, compared with the 2.1% increase in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 8.6% in 3rd Quarter 2022, compared with the 6.7% increase in the previous quarter. 

Rental Index of private residential properties



Rentals of landed properties increased by 10.9% in 3rd Quarter 2022, compared with the 3.2% increase in the previous quarter. Rentals of non-landed properties increased by 8.3%, compared with the 7.1% increase in the previous quarter.

Rentals of non-landed properties in CCR increased by 7.0% in 3rd Quarter 2022, compared with the 7.7% increase in the previous quarter. Rentals in RCR increased by 9.6%, compared with the 5.9% increase in the previous quarter. Rentals in OCR increased by 8.8%, compared with the 7.7% increase in the previous quarter (see Annexes A-3 & A-4). 

Launches and Take-up

Developers launched 1,455 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2022, compared with the 1,956 units in the previous quarter (see Annex C-1).

Developers sold 2,187 private residential units (excluding ECs) in 3rd Quarter 2022, compared with the 2,397 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 2022 and sold 28 EC units in the quarter (see Annex F). In comparison, developers launched 616 EC units for sale and sold 193 EC units in the previous quarter. 

Resales and Sub-sales

There were 3,719 resale transactions in 3rd Quarter 2022, compared with the 4,236 units transacted in the previous quarter. Resale transactions accounted for 60.5% of all sale transactions in 3rd Quarter 2022, compared with 62.2% in the previous quarter (see Annex D).

There were 242 sub-sale transactions in 3rd Quarter 2022, compared with the 178 units transacted in the previous quarter. Sub-sales accounted for 3.9% of all sale transactions in 3rd Quarter 2022, compared with 2.6% in the previous quarter (see Annex D).

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

These statistics on the private residential market reflect market conditions prior to measures implemented on 30 September 2022 to promote sustainable conditions in the property market.

Supply in the Pipeline

As at the end of 3rd Quarter 2022, there was a total supply of 49,384 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 48,836 units in the previous quarter (see Annexes E-1 & E-24). Of this number, 15,677 units remained unsold as at the end of 3rd Quarter 2022, compared with the 15,805 units in the previous quarter (see Annexes B-1 & B-2).

After adding the supply of 5,706 EC units in the pipeline, there were 55,090 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 2,060 units remained unsold. In total, 17,737 units with planning approvals (including ECs) remained unsold. 

Total number of unsold private residential units in the pipeline



Based on the expected completion dates reported by developers, 3,619 units (including ECs) will be completed in the last quarter of 2022. Another 20,098 units (including ECs) are expected to be completed in 2023. In total, around 28,800 units (including ECs) are expected to be completed in 2022 and 2023, which is close to three times the 10,400 units completed in 2020 and 2021. This will help to cater to housing needs in the immediate term. More supply with planning approval, totalling around 31,400 units as of the 3rd Quarter of 2022, will be completed beyond 2023.

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



The number of unsold units (including ECs) with planning approvals has increased to 17,737 as at the end of 3rd Quarter 2022, from 17,506 in the preceding quarter. Apart from the 17,737 unsold units, there is a potential supply of around 5,800 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet5. In total, around 23,500 units (including ECs) could be made available for sale later this year or next year. The Government has significantly increased the supply of private housing on the Confirmed List for the GLS Programmes in 2022 to cater to the strong housing demand6, and will continue to monitor economic and property market conditions closely and calibrate housing supply to keep the property market stable and sustainable. 

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 1,424 units in 3rd Quarter 2022, compared with the increase of 2,551 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 291 units in 3rd Quarter 2022, compared with the increase of 2,085 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 5.7% as at the end of 3rd Quarter 2022, 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 2022 in CCR, RCR and OCR were 7.3%, 7.3%, and 4.0% respectively, compared with the 7.4%, 6.6%, and 3.8% 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 3rd Quarter 2022, compared with the 5.1% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 2.1% in 3rd Quarter 2022, compared with the 2.4% 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 3rd Quarter 2022, there was a total supply of about 858,000 sq m GFA of office space in the pipeline, compared with the 868,000 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 increased by 24,000 sq m (nett) in 3rd Quarter 2022, same as that in the previous quarter. The stock of office space decreased by 2,000 sq m (nett) in 3rd Quarter 2022, compared with the decrease of 44,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.7% as at the end of 3rd Quarter 2022, from 12.0% 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 3rd Quarter 2022, compared with the 1.2% decrease in the previous quarter (see Annex A-1). Rentals of retail space decreased by 0.4% in 3rd Quarter 2022, compared with the 0.5% decrease 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 3rd Quarter 2022, there was a total supply of 415,000 sq m GFA of retail space from projects in the pipeline, compared with the 438,000 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 30,000 sq m (nett) in 3rd Quarter 2022, compared with the increase of 8,000 sqm m (nett) in the previous quarter. The stock of retail space increased by 10,000 sq m (nett) in 3rd Quarter 2022, compared with the increase of 1,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 7.8% as at the end of 3rd Quarter 2022, from 8.2% 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://www.ura.gov.sg/realis.

1 Statistics in this press release are based on quarter on 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 Property Market Information 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

This comprises (a) about 4,700 units (including ECs) from awarded GLS sites and Confirmed List sites that have not been awarded yet; and (b) about 1,100 units from awarded en-bloc sale sites that have not been granted planning approval yet. 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.

6  Sites yielding about 6,300 private housing units have been made available via the Confirmed List of the GLS Programmes in 2022, which is around 75% higher than the 3,600 units made available in 2021.

SUMMARY OF KEY INFORMATION FOR 3RD QUARTER 2022

Annex                 Title
Annex A-1
[PDF, 8kb]
Comparison of Property Price Index for 2nd Quarter 2022 and 3rd Quarter 2022
Annex A-2
[PDF, 10kb]
Price Indices of Non-Landed Properties by Market Segment
Annex A-3
[PDF, 8kb]
Comparison of Rental Index for 2nd Quarter 2022 and 3rd Quarter 2022
Annex A-4
[PDF, 10kb]
Rental Indices of Non-Landed Properties by Market Segment
Annex A-5
[PDF, 73kb]
Median Rentals and Vacancy of Office and Retail Space
Annex A-6
[PDF, 16kb]
Chart of Property Price Index by Type of Property
Annex A-7
[PDF, 11kb]
Chart of Residential Property Price Index by Type
Annex B-1
[PDF, 8kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2
[PDF, 11kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1
[PDF, 10kb]
Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2
[PDF, 64kb]
Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D
[PDF, 78kb]
Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1
[PDF, 59kb]
Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2022
Annex E-2
[PDF, 67kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2022
Annex E-3
[PDF, 28kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 3rd Quarter 2022
Annex E-4
[PDF, 9kb]
Vacancy of Private Residential Units by Market Segment
Annex F
[PDF, 70kb]
Number of Executive Condominium Units Launched and Sold in the Quarter

 

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