Release of 4th Quarter 2022 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2022.¹

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

Prices and Rentals

Prices of private residential properties increased by 0.4% in 4th Quarter 2022, compared with the 3.8% increase in the previous quarter. For the whole of 2022, prices of private residential properties increased by 8.6%, compared with the 10.6% increase in 2021.

Property Price Index of private residential properties

Prices of landed properties increased by 0.6% in 4th Quarter 2022, compared with the 1.6% increase in the previous quarter. Prices of non-landed properties increased by 0.3% in 4th Quarter 2022, compared with the 4.4% increase in the previous quarter. For the whole of 2022, prices of landed properties rose by 9.6% while those of non-landed properties rose by 8.1%. 

Prices of non-landed properties in Core Central Region (CCR) increased by 0.7% in 4th Quarter 2022, compared with the 2.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 3.1%, compared with the 2.8% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) decreased by 2.6%, compared with the 7.5% increase in the previous quarter. For the whole of 2022, prices of non-landed properties in CCR, RCR and OCR increased by 4.8%, 9.7% and 9.3% respectively (see Annexes A-1a [PDF, 8 KB], A-1b [PDF, 8 KB], A-2 [PDF, 9 KB] & A-6 [PDF, 16 KB]²).

Rentals of private residential properties increased by 7.4% in 4th Quarter 2022, compared with the 8.6% increase in the previous quarter. For the whole of 2022, rentals of private residential properties increased by 29.7% compared with the 9.9% increase in 2021.

Rental Index of private residential properties

Rentals of landed properties increased by 6.3% in 4th Quarter 2022, compared with the 10.9% increase in the previous quarter. Rentals of non-landed properties increased by 7.5%, compared with the 8.3% increase in the previous quarter. For the whole of 2022, rentals of landed properties increased by 28.1% while rentals of non-landed properties increased by 29.8%.

Rentals of non-landed properties in CCR increased by 7.3% in 4th Quarter 2022, compared with the 7.0% increase in the previous quarter. Rentals in RCR increased by 7.3%, compared with the 9.6% increase in the previous quarter. Rentals in OCR increased by 8.2%, compared with the 8.8% increase in the previous quarter. For the whole of 2022, rentals of non-landed properties in CCR, RCR and OCR increased by 28.2%, 30.3% and 31.8% respectively (see Annexes A-3a [PDF, 8 KB], A-3b [PDF, 7 KB] & A-4 [PDF, 10 KB]).

Launches and Take-up

Developers launched 504 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2022, compared with the 1,455 units in the previous quarter. For the whole of 2022, developers launched 4,528 uncompleted private residential properties for sale, compared with the 10,496 units in the previous year (see Annex C-1 [PDF, 10 KB]).

Developers sold 690 private residential units (excluding ECs) in 4th Quarter 2022, compared with the 2,187 units sold in the previous quarter. For the whole of 2022, developers sold 7,099 private residential units, compared with the 13,027 units in the previous year (see Annex D [PDF, 78 KB]).

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

Developers launched 1,257 EC units for sale in 4th Quarter 2022 and sold 1,127 EC units in the quarter (see Annex F [PDF, 69 KB]). In comparison, developers did not launch any EC units for sale and sold 28 EC units in the previous quarter. For the whole of 2022, developers launched 1,873 EC units for sale and sold 1,479 EC units, compared with the 1,609 units launched and 2,119 units sold in 2021.  

Resales and Sub-sales

There were 2,694 resale transactions in 4th Quarter 2022, compared with the 3,719 units transacted in the previous quarter. Resale transactions accounted for 75.1% of all sale transactions in 4th Quarter 2022, compared with 60.5% in the previous quarter (see Annex D [PDF, 78 KB]). For the whole of 2022, there were 14,026 resale transactions, compared with the 19,962 resale transactions in 2021.

There were 204 sub-sale transactions in 4th Quarter 2022, compared with the 242 units transacted in the previous quarter. Sub-sales accounted for 5.7% of all sale transactions in 4th Quarter 2022, compared with 3.9% in the previous quarter (see Annex D [PDF, 78 KB]). For the whole of 2022, there were 765 sub-sale transactions, compared with the 568 sub-sale transactions in 2021.

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

Supply in the Pipeline

As at the end of 4th Quarter 2022, there was a total supply of 46,041 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals³, compared with the 49,384 units in the previous quarter (see Annexes E-1 [PDF, 58 KB] & E-2 [PDF, 66 KB]⁴). Of this number, 16,024 units remained unsold as at the end of 4th Quarter 2022, compared with the 15,677 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 51,747 units in the pipeline with planning approvals (see Annex E-3 [PDF, 30 KB]). Of the EC units in the pipeline, 937 units remained unsold. In total, 16,961 units with planning approvals (including ECs) remained unsold, compared to 17,737 units in the previous quarter and 16,139 units a year ago. 

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 19,291 units (including ECs) will be completed in 2023. Another 12,824 units (including ECs) are expected to be completed in 2024. In total, around 32,100 units (including ECs) are expected to be completed in 2023 and 2024, which is around two times the 15,900 units completed in 2021 and 2022.  This will help to cater to housing needs in the immediate term. More supply with planning approval, totalling around 19,600 units as of the 4th Quarter of 2022, will be completed beyond 2024. In addition, there is a potential supply of around 9,300 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet⁵, of which a significant proportion could be completed from around 2026 onwards⁶. All in all, there are a total of about 61,000 units in the supply pipeline to help cater to the housing needs of the population in the next few years. 

Pipeline supply of private residential units and ECs by expected year of completion

Adding the supply of unsold units (including ECs) in the supply pipeline with planning approval, and those that have not been granted planning approval yet, around 26,300 units (including ECs) could be made available for sale this year or next year. The Government has further ramped up the supply of private housing on the Confirmed List for the GLS Programme in 1st half of 2023 to cater to demand⁷, 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 4,245 units in 4th Quarter 2022, compared with the increase of 1,424 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,496 units in 4th Quarter 2022, compared with the increase of 291 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 5.5% as at the end of 4th Quarter 2022, from 5.7% in the previous quarter (see Annex E-1 [PDF, 58 KB]).

Stock and vacancy of private residential units (excluding ECs)
 

Vacancy rates of completed private residential properties as at the end of 4th Quarter 2022 in CCR, RCR and OCR were 6.9%, 7.9%, and 3.6% respectively, compared with the 7.3%, 7.3% and 4.0% 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 increased by 3.7% in 4th Quarter 2022, compared with the 2.7% decrease in the previous quarter (see Annexes A-1a [PDF, 8 KB] & A-1b [PDF, 8 KB]). Rentals of office space increased by 5.1% in 4th Quarter 2022, compared with the 2.1% increase in the previous quarter. For the whole of 2022, prices of office space decreased by 0.1%, compared with the decrease of 5.8% in 2021, while rentals of office space increased by 11.7%, compared with the increase of 1.9% in 2021 (see Annexes A-3a [PDF, 8 KB], A-3b [PDF, 7 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 4th Quarter 2022, there was a total supply of about 872,000 sq m GFA of office space in the pipeline, compared with the 858,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 58 KB] & E-2 [PDF, 66 KB]). 

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space increased by 9,000 sq m (nett) in 4th Quarter 2022, compared with the increase of 24,000 sq m (nett) in the previous quarter. The stock of office space decreased by 23,000 sq m (nett) in 4th Quarter 2022, compared with the decrease of 2,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.3% as at the end of 4th Quarter 2022, from 11.7% as at the end of the previous quarter (see Annexes A-5 [PDF, 73 KB] & E-1 [PDF, 58 KB]).

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 2022, compared with the 3.2% decrease in the previous quarter (see Annexes A-1a [PDF, 8 KB] & A-1b [PDF, 8 KB]). Rentals of retail space decreased by 1.1% in 4th Quarter 2022, compared with the 0.4% decrease in the previous quarter. For the whole of 2022, prices of retail space decreased by 7.8%, compared with the decrease of 4.2% in 2021, while rentals of retail space decreased by 2.4%, compared with the decrease of 6.8% in 2021 (see Annexes A-3a [PDF, 8 KB], A-3b [PDF, 7 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 4th Quarter 2022, there was a total supply of 420,000 sq m GFA of retail space from projects in the pipeline, compared with the 415,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 58 KB] & E-2 [PDF, 66 KB]).

Pipeline supply of retail space
 

Stock and Vacancy

The amount of occupied retail space increased by 66,000 sq m (nett) in 4th Quarter 2022, compared with the increase of 30,000 sqm m (nett) in the previous quarter. The stock of retail space increased by 24,000 sq m (nett) in 4th Quarter 2022, compared with the increase of 10,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 7.1% as at the end of 4th Quarter 2022, from 7.8% as at the end of the previous quarter (see Annexes A-5 [PDF, 73 KB] & E-1 [PDF, 58 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 4TH QUARTER 2022