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Release of 1st Quarter 2019 real estate statistics

  Published: 26 April 2019

The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20191.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:


* Figures exclude Executive Condominium (ECs)

Prices and Rentals

Prices of private residential properties decreased by 0.7% in 1st Quarter 2019, compared with the 0.1% decrease in the previous quarter.

Property Price Index of private residential properties

Prices of landed properties increased by 1.1% in 1st Quarter 2019, compared with the 2.0% decrease in the previous quarter. Prices of non-landed properties decreased by 1.1% in 1st Quarter 2019, compared with the 0.5% increase in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 3.0% in 1st Quarter 2019, compared with the 1.0% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 0.7%, compared with the 1.8% increase in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) increased by 0.2%, compared with the 0.7% increase in the previous quarter (see Annex A-1, Annex A-2 & Annex A-62).

Rentals of private residential properties increased by 1.0% in 1st Quarter 2019, compared with the 1.0% decrease in the previous quarter.

Rental Index of private residential properties

Rentals of landed properties increased by 0.2% in 1st Quarter 2019, compared with the 2.1% decrease in the previous quarter. Rentals of non-landed properties increased by 1.1%, compared with the 0.8% decrease in the previous quarter.

Rentals of non-landed properties in CCR increased by 1.6%, compared with the 0.6% decrease in the previous quarter. Rentals in RCR decreased by 0.3%, compared with the 0.5% decrease in the previous quarter.  Rentals in OCR increased by 1.7%, compared with the 1.7% decrease in the previous quarter (see Annex A-3 & Annex A-4).

Launches and Take-up

Developers launched 2,989 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2019, compared with 1,657 units in the previous quarter (see Annex C-1).

Developers sold 1,838 private residential units (excluding ECs) in 1st Quarter 2019, compared with the 1,836 units sold in the previous quarter (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 1st Quarter 2019. Nevertheless, they sold 10 EC units from previous launches over the period (see Annex F). In comparison, developers also did not launch any EC units and sold 29 EC units in the previous quarter.

Resales and Sub-sales

There were 1,858 resale transactions in 1st Quarter 2019, compared with the 1,971 units transacted in the previous quarter. Resale transactions accounted for 49.6% of all sale transactions in 1st Quarter 2019, compared with 51.1% in the previous quarter (see Annex D).

There were 47 sub-sale transactions in 1st Quarter 2019, compared with the 53 units transacted in the previous quarter. Sub-sales accounted for 1.3% of all sale transactions in 1st Quarter 2019, compared with 1.4% in the previous quarter (see Annex D).

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

Supply in the Pipeline

As at the end of 1st Quarter 2019, there was a total supply of 53,284 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals3, compared with the 51,498 units in the previous quarter (see Annex E-1 & Annex E-24). Of this number, 36,839 units remained unsold as at the end of 1st Quarter 2019, up from 34,824 units in the previous quarter (see Annex B-1 & Annex B-2).

After adding the supply of 3,519 EC units in the pipeline, there were 56,803 units in the pipeline with planning approvals (see Annex E-3). Of the EC units in the pipeline, 1,871 units remained unsold. In total, 38,710 units with planning approvals (including ECs) remained unsold, up from 35,649 units in the previous quarter.

Total number of unsold private residential units in the pipeline

Based on the expected completion dates reported by developers, 7,745 units (including ECs) will be completed in the remaining 3 quarters of 2019. Another 4,859 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: 2,262 private residential units and 358 executive condominiums were completed (i.e. obtained TOP) in 1Q2019.

Apart from the 38,710 unsold units (including ECs) with planning approval as at the end of 1st Quarter 2019, there is a potential supply of 5,200 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 4,700 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 500 units from awarded en-bloc sale sites5.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 953 units in 1st Quarter 2019, compared with the increase of 3,165 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 1,192 units in 1st Quarter 2019, compared with the increase of 4,674 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.3% as at the end of 1st Quarter 2019, from 6.4% in the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)

Vacancy rates of completed private residential properties as at the end of 1st Quarter 2019 in CCR, RCR and OCR were 7.6%, 6.8% and 5.4% respectively, compared with the 7.9%, 7.4% and 5.1% in the previous quarter (see Annex E-4).

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space increased by 3.0% in 1st Quarter 2019, compared with the 2.4% increase in the previous quarter (see Annex A-1). Rentals of office space decreased by 0.6% in 1st Quarter 2019, compared with the 0.5% increase in the previous quarter (see Annex A-3 & 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 1st Quarter 2019, there was a total supply of about 733,000 sq m GFA of office space in the pipeline, compared with the 732,000 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: 27,282 sq m of office space was completed (i.e. granted TOP) in 1Q2019

Stock and Vacancy

The amount of occupied office space increased by 19,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 39,000 sq m (nett) in the previous quarter. The stock of office space decreased by 6,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 59,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 11.8% as at the end of 1st Quarter 2019, from 12.1% as 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 decreased by 1.9% in 1st Quarter 2019, compared with the increase of 1.5% in the previous quarter (see Annex A-1). Rentals of retail space decreased by 0.2% in 1st Quarter 2019, compared with the increase of 1.2% in the previous quarter (see Annex A-3 & 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 1st Quarter 2019, there was a total supply of 364,000 sq m GFA of retail space from projects in the pipeline, compared with the 387,000 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: 28,013 sq m of retail space was completed (i.e. granted TOP) in 1Q2019.

Stock and Vacancy

The amount of occupied retail space decreased by 14,000 sq m (nett) in 1st Quarter 2019, compared with an increase of 24,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 2,000 sq m (nett) in 1st Quarter 2019, compared with the increase of 84,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 8.7% at the end of 1st Quarter 2019, from 8.5% 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-April have been included.

Summary of Key Information for 1st Quarter 2019

Annex Title
Annex A-1 [PDF, 15kb] Comparison of Property Price Index for 4th Quarter 2018 and 1st Quarter 2019 
Annex A-2 [PDF, 18kb] Price Indices of Non-Landed Properties by Market Segment 
Annex A-3 [PDF, 15kb] Comparison of Rental Index for 4th Quarter 2018 and 1st Quarter 2019 
Annex A-4 [PDF, 20kb] Rental Indices of Non-Landed Properties by Market Segment 
Annex A-5 [PDF, 138kb]  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, 125kb] Number of Private Residential Units Sold in the Quarter by Market Segment 
Annex D [PDF, 150kb] Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment 
Annex E-1 [PDF, 125kb] Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2019 
Annex E-2 [PDF, 130kb] Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2019 
Annex E-3 [PDF, 15kb] Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 1st Quarter 2019 
Annex E-4 [PDF, 15kb] Vacancy of Private Residential Units by Market Segment 
Annex F [PDF, 135kb] Number of Executive Condominium Units Launched and Sold in the Quarter 

 

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