Release of 3rd Quarter 2021 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2021.¹ 

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

Prices and Rentals

Prices of private residential properties increased by 1.1% in 3rd Quarter 2021, compared with the 0.8% increase in the previous quarter. 

Property Price Index of private residential properties

Prices of landed properties increased by 2.6% in 3rd Quarter 2021, compared with the 0.3% decrease in the previous quarter. Prices of non-landed properties increased by 0.7% in 3rd Quarter 2021, compared with the 1.1% increase in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 0.5% in 3rd Quarter 2021, compared with the 1.1% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 2.6%, compared with the 0.1% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) decreased by 0.1%, compared with the 1.9% increase in the previous quarter (see Annexes A-1 [PDF, 17kb], A-2 [PDF, 21kb] & A-6 [PDF, 21kb]²).

Rentals of private residential properties increased by 1.8% in 3rd Quarter 2021, compared with the 2.9% increase in the previous quarter.
 
Rental Index of private residential properties

Rentals of landed properties increased by 4.7% in 3rd Quarter 2021, compared with the 1.4% increase in the previous quarter. Rentals of non-landed properties increased by 1.4%, compared with the 3.1% increase in the previous quarter. 

Rentals of non-landed properties in CCR increased by 0.7%, compared with the 3.1% increase in the previous quarter. Rentals in RCR increased by 1.6%, compared with the 2.8% increase in the previous quarter. Rentals in OCR increased by 2.6%, compared with the 3.6% increase in the previous quarter (see Annexes A-3 [PDF, 17kb] & A-4 [PDF, 22kb]).

Launches and Take-up

Developers launched 2,149 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2021, compared with 2,356 units in the previous quarter (see Annex C-1 [PDF, 24kb]).

Developers sold 3,550 private residential units (excluding ECs) in 3rd Quarter 2021, compared with the 2,966 units sold in the previous quarter (see Annex D [PDF, 117kb]).

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

Developers launched 496 EC units for sale in 3rd Quarter 2021, and sold 717 EC units in the quarter (see Annex F [PDF, 91kb]). In comparison, developers launched 413 EC units and sold 495 EC units in the previous quarter.  

Resales and Sub-sales

There were 5,362 resale transactions in 3rd Quarter 2021, compared with the 5,333 units transacted in the previous quarter. Resale transactions accounted for 59.0% of all sale transactions in 3rd Quarter 2021, compared with 63.1% in the previous quarter (see Annex D [PDF, 117kb]1). 

There were 171 sub-sale transactions in 3rd Quarter 2021, compared with the 150 units transacted in the previous quarter. Sub-sales accounted for 1.9% of all sale transactions in 3rd Quarter 2021, compared with 1.8% in the previous quarter (see Annex D [PDF, 117kb]). 

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

Supply in the Pipeline

As at the end of 3rd Quarter 2021, there was a total supply of 47,715 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals³, compared with the 47,097 units in the previous quarter (see Annexes E-1  [PDF, 74kb] & E-2 [PDF, 80kb]⁴). Of this number, 17,140 units remained unsold as at the end of 3rd Quarter 2021, compared with the 19,384 units in the previous quarter (see Annexes B-1 [PDF, 13kb] & B-2 [PDF, 20kb]).

After adding the supply of 4,718 EC units in the pipeline, there were 52,433 units in the pipeline with planning approvals (see Annex E-3 [PDF, 36kb]). Of the EC units in the pipeline, 1,581 units remained unsold. In total, 18,721 units with planning approvals (including ECs) remained unsold, down from 21,055 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 2,123 units (including ECs) are expected to be completed in the remaining quarter of 2021.  Another 11,449 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 18,721 unsold units (including ECs) with planning approval as at the end of 3rd Quarter 2021, there is a potential supply of around 5,300 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 725 units in 3rd Quarter 2021, compared with the increase of 1,645 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 380 units in 3rd Quarter 2021, compared with the increase of 2,020 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 6.4% as at the end of 3rd Quarter 2021, from 6.3% 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 3rd Quarter 2021 in CCR, RCR and OCR were 9.7%, 6.5% and 4.8% respectively, compared with the 9.6%, 5.6% and 5.2% 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 2.4% in 3rd Quarter 2021, compared with the 0.9% increase in the previous quarter (see Annex A-1 [PDF, 17kb]). Rentals of office space decreased by 3.5% in 3rd Quarter 2021, compared with the 1.3% increase in the previous quarter (see Annexes A-3 [PDF, 17kb] & A-5 [PDF, 94kb]).

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 2021, there was a total supply of about 755,000 sq m GFA of office space in the pipeline, compared with the 697,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 74 KB]& E-2 [PDF, 80 KB]). 

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space decreased by 5,000 sq m (nett) in 3rd Quarter 2021, compared with the decrease of 23,000 sq m (nett) in the previous quarter. The stock of office space increased by 26,000 sq m (nett) in 3rd Quarter 2021, compared with the increase of 34,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 12.9% as at the end of 3rd Quarter 2021, from 12.6% as at the end of the previous quarter (see Annexes A-5 [PDF, 94kb] & E-1 [PDF, 74kb]).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

Prices of retail space remained unchanged in 3rd Quarter 2021, compared with the decrease of 2.8% in the previous quarter (see Annex A-1 [PDF, 17kb]). Rentals of retail space decreased by 2.7% in 3rd Quarter 2021, following the decrease of 0.5% in the previous quarter (see Annexes A-3 [PDF, 17kb] & A-5 [PDF, 94kb]).

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 2021, there was a total supply of 428,000 sq m GFA of retail space from projects in the pipeline, compared with the 419,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 74kb] & E-2 [PDF, 80kb]).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space increased by 33,000 sq m (nett) in 3rd Quarter 2021, compared with the increase of 14,000 sq m (nett) in the previous quarter. The stock of retail space increased by 7,000 sq m (nett) in 3rd Quarter 2021, compared with the increase of 18,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 8.1% as at the end of 3rd Quarter 2021, from 8.5% as at the end of the previous quarter (see Annexes A-5 [PDF, 94kb] & 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 3RD QUARTER 2021