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Release of 4th Quarter 2018 real estate statistics

  Published: 25 January 2019

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 20181.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


* Figures exclude Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 0.1% in 4th Quarter 2018, compared with the 0.5% increase in the previous quarter. For the whole of 2018, prices of private residential properties increased by 7.9%, compared with the 1.1% increase in 2017.

Property Price Index of private residential properties

Prices of landed properties declined by 2.0% in 4th Quarter 2018, compared with the 2.3% increase in the previous quarter. Prices of non-landed properties increased by 0.5% in 4th Quarter 2018, after remaining unchanged in the previous quarter. For the whole of 2018, prices of landed properties rose by 6.3% while those of non-landed properties rose by 8.3%.

Prices of non-landed properties in Core Central Region (CCR) decreased by 1.0% in 4th Quarter 2018, compared with the 1.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 1.8%, compared with the 1.3% decrease in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) increased by 0.7%, compared with the 0.1% decrease in the previous quarter.  For the whole of 2018, prices of non-landed properties in CCR, RCR and OCR increased by 6.7%, 7.4% and 9.4% respectively (see Annex A-1a, Annex A-1b, Annex A-2 & Annex A-62).

Rentals of private residential properties decreased by 1.0% in 4th Quarter 2018, compared with the 0.3% increase in the previous quarter. For the whole of 2018, rentals of private residential properties increased by 0.6%, compared with the decline of 1.9% in 2017.

Rental Index of private residential properties

Rentals of landed properties decreased by 2.1% in 4th Quarter 2018, compared with the 0.5% increase in the previous quarter. Rentals of non-landed properties decreased by 0.8%, compared with the 0.3% increase in the previous quarter. For the whole of 2018, rentals of landed and non-landed properties increased by 2.0% and 0.4% respectively.

Rentals of non-landed properties in CCR decreased by 0.6%, compared with the 0.9% decrease in the previous quarter. Rentals in RCR decreased by 0.5%, compared with the 1.5% increase in the previous quarter.  Rentals in OCR decreased by 1.7%, compared with the 0.9% increase in the previous quarter.  For the whole of 2018, rentals of non-landed properties in CCR decreased by 0.1%, while rentals in RCR and OCR increased by 1.1% and 0.7% respectively (see Annex A-3a, Annex A-3b & Annex A-4).

Launches and Take-up

Developers launched 1,657 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2018, compared with 3,754 units in the previous quarter.  For the whole of 2018, developers launched 8,769 uncompleted private residential properties, compared with 6,020 units in the previous year (see Annex C-1).

Developers sold 1,836 private residential units (excluding ECs) in 4th Quarter 2018, compared with the 3,012 units sold in the previous quarter.  For the whole of 2018, developers sold 8,795 private residential units, compared with 10,566 units in the previous year (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 4th Quarter 2018. Nevertheless, they sold 29 EC units from previous launches over the period (see Annex F). In comparison, developers did not launch any EC units and sold 84 EC units in the previous quarter. For the whole of 2018, developers launched 628 EC units and sold 1,136 EC units, compared with the 1,555 units launched and 4,011 units sold in 2017.

Resales and Sub-sales

There were 1,971 resale transactions in 4th Quarter 2018, compared with the 2,672 units transacted in the previous quarter. Resale transactions accounted for 51.1% of all sale transactions in 4th Quarter 2018, compared with 46.3% in the previous quarter (see Annex D). For the whole of 2018, there were 13,009 resale transactions, compared with the 14,043 resale transactions in 2017.

There were 53 sub-sale transactions in 4th Quarter 2018, compared with the 81 units transacted in the previous quarter. Sub-sales accounted for 1.4% of all sale transactions in 4th Quarter 2018, same as that in the previous quarter (see Annex D). For the whole of 2018, there were 335 sub-sale transactions, compared with the 401 sub-sale transactions in 2017.

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

Supply in the Pipeline

As at the end of 4th Quarter 2018, there was a total supply of 51,498 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 50,330 units in the previous quarter (see Annex E-1 & Annex E-24). Of this number, 34,824 units remained unsold as at the end of 4th Quarter 2018, up from 30,467 units in the previous quarter (see Annex B-1 & Annex B-2).

After adding the supply of 2,834 EC units in the pipeline, there were 54,332 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 825 units remained unsold. In total, 35,649 units with planning approvals (including ECs) remained unsold, up from 31,295 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 10,312 units (including ECs) will be completed in 2019.  Another 4,960 units (including ECs) will be completed in 2020.

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


Note: 9,112 private residential units and 4,130 executive condominiums were completed (i.e. obtained TOP) in 2018.

Apart from the 35,649 unsold units (including ECs) with planning approval as at the end of 4th Quarter 2018, there is a potential supply of 9,800 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet. They comprise (a) about 6,500 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 3,300 units from awarded en-bloc sale sites5.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 3,165 units in 4th Quarter 2018, compared with an increase of 83 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,674 units in 4th Quarter 2018, compared with an increase of 1,042 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.4% at the end of 4th Quarter 2018, compared with 6.8% in the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)

Vacancy rates of completed private residential properties at the end of 4th Quarter 2018 in CCR, RCR and OCR were 7.9%, 7.4% and 5.1% respectively, compared with the 10.4%, 8.1% and 4.5% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space increased by 2.4% in 4th Quarter 2018, compared with the 0.1% increase in the previous quarter (see Annex A-1aAnnex A-1b). Rentals of office space increased by 0.5% in 4th Quarter 2018, compared with the 2.5% increase in the previous quarter.  For the whole of 2018, prices of office space increased by 5.7%, compared with the decline of 2.4% in 2017; while rentals of office space increased by 7.4%, compared with the increase of 0.4% in 2017 (see Annex A-3a, Annex A-3b & Annex 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 4th Quarter 2018, there was a total supply of about 732,000 sq m GFA of office space in the pipeline, compared with the 793,000 sq m GFA of office space in the pipeline in the previous quarter (see Annex E-1 & Annex E-2).

Pipeline supply of office space

Note: 197,132 sq m of office space was completed (i.e. granted TOP) in 2018

Stock and Vacancy

The amount of occupied office space increased by 39,000 sq m (nett) in 4th Quarter 2018, compared with the increase of 45,000 sq m (nett) in the previous quarter. The stock of office space increased by 59,000 sq m (nett) in 4th Quarter 2018, compared with the increase of 28,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space rose to 12.1% at the end of 4th Quarter 2018, from 12.0% at the end of the previous quarter (see Annex A-5 & Annex E-1).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

Prices of retail space increased by 1.5% in 4th Quarter 2018, compared with the increase of 0.3% in the previous quarter (see Annex A-1aAnnex A-1b). Rentals of retail space increased by 1.2% in 4th Quarter 2018, compared with the decrease of 1.2% in the previous quarter.  For the whole of 2018, prices of retail space increased by 0.6%, compared with the decline of 8.8% in 2017; while rentals of retail space decreased by 1.0%, compared with the decline of 4.7% in 2017 (see Annex A-3a, Annex A-3b & Annex 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 4th Quarter 2018, there was a total supply of 387,000 sq m GFA of retail space from projects in the pipeline, compared with the 501,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annex E-1 & Annex E-2).

Pipeline supply of retail space


Note: 209,078 sq m of retail space was completed (i.e. granted TOP) in 2018.

Stock and Vacancy

The amount of occupied retail space increased by 24,000 sq m (nett) in 4th Quarter 2018, compared with a decrease of 26,000 sq m (nett) in the previous quarter. The stock of retail space increased by 84,000 sq m (nett) in 4th Quarter 2018, compared with the decrease of 11,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 8.5% at the end of 4th Quarter 2018, from 7.6% at the end of the previous quarter (see Annex A-5 & Annex 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://spring.ura.gov.sg/lad/ore/login/index.cfm

1 Statistics in this press release are based on quarter to 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 iphone/ipad 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 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 2014. For each site, the number of units proposed by the developer will be subject to detailed evaluation to determine if it can be supported. En-bloc sale sites sold up to mid-January have been included.  

 


Summary of Key Information for 4th Quarter 2018

Annex Title
Annex A-1a [PDF, 16kb] Comparison of Property Price Index for 3rd Quarter 2018 and 4th Quarter 2018
Annex A-1b [PDF, 15kb] Comparison of Property Price Index for 2017 and 2018
Annex A-2 [PDF, 18kb]
Price Indices of Non-Landed Properties by Market Segment
Annex A-3a [PDF, 15kb]
Comparison of Rental Index for 3rd Quarter 2018 and 4th Quarter 2018
Annex A-3b [PDF, 15kb]
Comparison of Rental Index for 2017 and 2018
Annex A-4 [PDF, 19kb] Rental Indices of Non-Landed Properties by Market Segment
Annex A-5 [PDF, 139kb]
Median Rentals and Vacancy of Office and Retail Space
Annex A-6 [PDF, 20kb]
Chart of Property Price Index by Type of Property
Annex A-7 [PDF, 16kb]
Chart of Residential Property Price Index by Type 
Annex B-1 [PDF, 14kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 18kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment 
Annex C-1 [PDF, 20kb] Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment 
Annex C-2 [PDF, 124kb]
Number of Private Residential Units Sold in the Quarter by Market Segment 
Annex D [PDF, 152kb]  Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 124kb]
Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2018
Annex E-2 [PDF, 129kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2018
Annex E-3 [PDF, 16kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2018    
Annex E-4 [PDF, 17kb]
Vacancy of Private Residential Units by Market Segment
Annex F [PDF, 134kb] Number of Executive Condominium Units Launched and Sold in the Quarter

 

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