Release of 3rd Quarter 2022 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 3rd Quarter 2022.¹ 

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 [PDF, 8 KB], A-2 [PDF, 9 KB] & A-6 [PDF, 16 KB]²).

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 [PDF, 8 KB] & A-4 [PDF, 10 KB]). 

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 [PDF, 10 KB]).

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 [PDF, 78 KB]).

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 [PDF, 69 KB]

). 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 [PDF, 78 KB]).

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 [PDF, 78 KB]).

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 [PDF, 59 KB] & E-2 [PDF, 66 KB]⁴). 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 [PDF, 7 KB] & B-2 [PDF, 10 KB]).

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 [PDF, 27 KB]). 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 [PDF, 59 KB]).

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 [PDF, 9 KB]).

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 [PDF, 8 KB]). 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 [PDF, 8 KB] & A-5 [PDF, 73 KB]).

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 [PDF, 59 KB] & E-2 [PDF, 66 KB]). 

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 [PDF, 73 KB] & E-1 [PDF, 59 KB]).

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 [PDF, 8 KB]). 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 [PDF, 8 KB] & A-5 [PDF, 73 KB]).

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 [PDF, 59 KB] & E-2 [PDF, 66 KB]).

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 [PDF, 73 KB] & E-1 [PDF, 59 KB]). 

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 2022