Release of 4th Quarter 2020 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2020.¹

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance: 

Prices and Rentals

Prices of private residential properties increased by 2.1% in 4th Quarter 2020, compared with the 0.8% increase in the previous quarter. For the whole of 2020, prices of private residential properties increased by 2.2%, compared with the 2.7% increase in 2019.

Property Price Index of private residential properties

Prices of landed properties decreased by 1.6% in 4th Quarter 2020, compared with the 3.7% increase in the previous quarter. Prices of non-landed properties increased by 3.0% in 4th Quarter 2020, compared with the 0.1% increase in the previous quarter. For the whole of 2020, prices of landed properties rose by 1.2% while those of non-landed properties rose by 2.5%.

Prices of non-landed properties in Core Central Region (CCR) increased by 3.2% in 4th Quarter 2020, compared with the 3.8% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 4.4%, compared with the 2.5% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.8%, compared with the 1.7% increase in the previous quarter. For the whole of 2020, prices of non-landed properties in CCR decreased by 0.4%, while prices in RCR and OCR increased by 4.7% and 3.2% respectively (see Annexes A-1a [PDF, 17kb], A-1b [PDF, 17kb], A-2 [PDF, 20kb] & A-6 [PDF, 21kb]²).

Rentals of private residential properties increased by 0.1% in 4th Quarter 2020, compared with the 0.5% decrease in the previous quarter. For the whole of 2020, rentals of private residential properties decreased by 0.6% compared with the 1.4% increase in 2019.

Rental Index of private residential properties

Rentals of landed properties increased by 0.7% in 4th Quarter 2020, compared with the 0.1% decrease in the previous quarter. Rentals of non-landed properties decreased by 0.1%, compared with the 0.6% decrease in the previous quarter. For the whole of 2020, rentals of landed properties decreased by 2.7% while rentals of non-landed properties decreased by 0.5%.

Rentals of non-landed properties in CCR decreased by 1.2% in 4th Quarter 2020, compared with the 2.1% decrease in the previous quarter. Rentals in RCR increased by 0.9%, compared with the 0.3% increase in the previous quarter. Rentals in OCR increased by 0.9%, compared with the 1.0% increase in the previous quarter. For the whole of 2020, rentals of non-landed properties in CCR and RCR decreased by 2.4% and 0.1% respectively, while rentals of non-landed properties in OCR increased by 3.0% (see Annexes A-3a [PDF, 17kb], A-3b [PDF, 17kb] & A-4 [PDF, 22kb]).

Launches and Take-up

Developers launched 3,147 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2020, compared with the 3,791 units in the previous quarter. For the whole of 2020, developers launched 10,833 uncompleted private residential properties for sale, compared with the 11,345 units in the previous year (see Annex C-1 [PDF, 24kb]).

Developers sold 2,603 private residential units (excluding ECs) in 4th Quarter 2020, compared with the 3,517 units sold in the previous quarter. For the whole of 2020, developers sold 9,982 private residential units, compared with the 9,912 units in the previous year (see Annex D [PDF, 117kb]).

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

Developers did not launch any EC units for sale in 4th Quarter 2020, and sold 133 EC units in the quarter (see Annex F [PDF, 90kb]). In comparison, developers did not launch any EC units for sale and sold 164 EC units in the previous quarter. For the whole of 2020, developers launched 1,044 EC units for sale and sold 958 EC units, compared with the 820 units launched and 505 units sold in 2019.

Resales and Sub-sales

There were 4,249 resale transactions in 4th Quarter 2020, compared with the 3,467 units transacted in the previous quarter. Resale transactions accounted for 61.3% of all sale transactions in 4th Quarter 2020, compared with 49.2% in the previous quarter (see Annex D [PDF, 117kb]). For the whole of 2020, there were 10,729 resale transactions, compared with the 8,949 resale transactions in 2019.

There were 77 sub-sale transactions in 4th Quarter 2020, compared with the 63 units transacted in the previous quarter. Sub-sales accounted for 1.1% of all sale transactions in 4th Quarter 2020, compared with 0.9% in the previous quarter (see Annex D [PDF, 117kb]). For the whole of 2020, there were 198 sub-sale transactions, compared with the 289 sub-sale transactions in 2019.

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

Supply in the Pipeline

As at the end of 4th Quarter 2020, there was a total supply of 49,307 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals³, compared with the 50,369 units in the previous quarter (see Annexes E-1 [PDF, 74kb] & E-2 [PDF, 197kb]⁴). Of this number, 24,296 units remained unsold as at the end of 4th Quarter 2020, compared with the 26,483 units in the previous quarter (see Annexes B-1 [PDF, 13kb] & B-2 [PDF, 20kb]).

After adding the supply of 3,476 EC units in the pipeline, there were 52,783 units in the pipeline with planning approvals (see Annex E-3 [PDF, 36kb]). Of the EC units in the pipeline, 2,130 units remained unsold. In total, 26,426 units with planning approvals (including ECs) remained unsold, compared to 28,727 units in the previous quarter and 32,272 units a year ago.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 6,850 units (including ECs) will be completed in 2021.  Another 11,049 units (including ECs) will be completed in 2022.

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

Apart from the 26,426 unsold units (including ECs) with planning approval as at the end of 4th Quarter 2020, there is a potential supply of around 4,700 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 884 units in 4th Quarter 2020, compared with the increase of 404 units in the previous quarter. The stock of occupied private residential units (excluding ECs) decreased by 2,339 units in 4th Quarter 2020, compared with the decrease of 2,605 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 7.0% as at the end of 4th Quarter 2020, from 6.2% in the previous quarter (see Annex E-1 [PDF, 74kb]).

Stock and vacancy of private residential units (excluding ECs)

Vacancy rates of completed private residential properties as at the end of 4th Quarter 2020 in CCR, RCR and OCR were 11.0%, 7.3% and 5.1% respectively, compared with the 9.2%, 7.4% and 4.2% in the previous quarter (see Annex E-4 [PDF, 19kb]).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space decreased by 3.1% in 4th Quarter 2020, compared with the 0.2% increase in the previous quarter (see Annexes A-1a [PDF, 17kb] & A-1b [PDF, 17kb]). Rentals of office space decreased by 3.5% in 4th Quarter 2020, compared with the 4.5% decrease in the previous quarter. For the whole of 2020, prices of office space decreased by 10.7%, compared with the decrease of 0.6% in 2019, while rentals of office space decreased by 8.5%, compared with the decrease of 3.1% in 2019 (see Annexes A-3a [PDF, 17kb], A-3b [PDF, 17kb] & A-5 [PDF, 17kb]).

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 4th Quarter 2020, there was a total supply of about 770,000 sq m GFA of office space in the pipeline, compared with the 767,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 74kb]& E-2 [PDF, 197kb]).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space increased by 2,000 sq m (nett) in 4th Quarter 2020, compared with the decrease of 19,000 sq m (nett) in the previous quarter. The stock of office space decreased by 13,000 sq m (nett) in 4th Quarter 2020, compared with the decrease of 33,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.8% as at the end of 4th Quarter 2020, from 12% as at the end of the previous quarter (see Annexes A-5 [PDF, 93kb] & E-1 [PDF, 74kb]).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

Prices of retail space decreased by 2.1% in 4th Quarter 2020, compared with the increase of 2.2% in the previous quarter (see Annexes A-1a [PDF, 17kb] & A-1b [PDF, 17kb]). Rentals of retail space decreased by 5.2% in 4th Quarter 2020, following the decrease of 4.5% in the previous quarter. For the whole of 2020, prices of retail space decreased by 4.5%, compared with the increase of 1.3% in 2019, while rentals of retail space decreased by 14.7%, compared with the increase of 2.9% in 2019 (see Annexes A-3a [PDF, 17kb], A-3b [PDF, 17kb] & A-5 [PDF, 93kb]).

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 4th Quarter 2020, there was a total supply of 426,000 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 [PDF, 74kb] & E-2 [PDF, 197kb]).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space increased by 24,000 sq m (nett) in 4th Quarter 2020, compared with the decrease of 50,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 26,000 sq m (nett) in 4th Quarter 2020, compared with the decrease of 53,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 8.8% as at the end of 4th Quarter 2020 (see Annexes A-5 [PDF, 93kb] & E-1 [PDF, 74kb]).

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://eservice.ura.gov.sg/reis/index. 

Summary of key information for 4th Quarter 2020