Release of 2nd Quarter 2015 real estate statistics

Published Date: 24 Jul 2015

The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2015.1

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance (excluding ECs):

Prices and Rentals

Prices of private residential properties decreased by 0.9% in 2nd Quarter 2015, compared to the 1.0% decline in the previous quarter. This was the seventh straight quarter of price decline.

Property Price Index of residential properties

Price decline was observed across all segments of the private residential property market. Prices of non-landed properties fell 0.6% in Core Central Region (CCR), more than the 0.4% decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 0.6%, compared to the 1.7% decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 1.1%, the same as in the previous quarter. Prices of landed properties declined by 1.0%, more than the 0.9% decline in the previous quarter (see Annexes A-1 [PDF, 89kb]A-2 [PDF, 33kb]A-6 [PDF, 28kb]2).

Rentals of private residential properties fell 1.1% in 2nd Quarter 2015, compared to the 1.7% decline in the previous quarter. The rental decline was observed across all segments of the private residential property market. Rentals of non-landed properties fell 1.3% in Core Central Region (CCR), 1.1% in Rest of Central Region (RCR) and 1.0% in Outside Central Region (OCR), compared to the declines of 1.9%, 1.6% and 1.8% respectively in the previous quarter. Rentals of landed properties declined by 1.0% (see Annexes A-3 [PDF, 89kb]A-4 [PDF, 39kb]), compared to the 1.2% decline in the previous quarter. 

Rental Index of residential properties

Launches and Take-up

Developers launched 2,099 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 2nd Quarter 2015, compared to the 1,189 units in 1st Quarter 2015 (see Annex C-1 [PDF, 30kb]).

Developers sold 2,116 private residential units (excluding ECs) in 2nd Quarter 2015, more than the 1,311 units sold in 1st Quarter 2015 (see Annex D [PDF, 121kb]).

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

Developers launched 480 EC units for sale in 2nd Quarter 2015 and sold 439 EC units over the same period (see Annex F [PDF, 36kb]), more than the 326 units sold in 1st Quarter 2015.

Resales and Sub-sales

There were 1,827 resale transactions in 2nd Quarter 2015, more than the 1,250 units in 1Q2015. Resale transactions accounted for 44.5% of all sale transactions in 2nd Quarter 2015, compared to the 47.1% in 1st Quarter 2015 (see Annex D [PDF, 121kb]).

There were 161 sub-sale transactions in 2nd Quarter 2015, more than the 94 units in 1Q2015. Sub-sales accounted for 3.9% of all sale transactions in 2nd Quarter 2015, compared to the 3.5% in 1st Quarter 2015 (see Annex D [PDF, 121kb]).

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

Supply in the Pipeline

As at the end of 2nd Quarter 2015, there was a total supply of 61,2373 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 68,201 units in 1st Quarter 2015 (see Annexes E-1 [PDF, 93kb] & E-2[PDF, 117kb]2). Of this number, 24,435 units remained unsold as at 2nd Quarter 2015 (see Annexes B-1 [PDF, 20kb]B-24 [PDF, 30kb]). After adding the supply of 14,701 EC units in the pipeline, there were 75,938 units in the pipeline.

Based on expected completion dates reported by developers, 13,191 units (including ECs) will be completed in second half of 2015.  Another 25,841 units (including ECs) are expected for completion in 2016. In comparison, 23,298 units (including ECs) were completed in 2014.

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


Note:  9,945 private residential units and 1,864 executive condominiums were completed
(i.e. obtained Temporary Occupation Permit) in 1H2015.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 6,889 units in 2nd Quarter 2015. The vacancy rate of completed private residential units (excluding ECs) increased to 7.9% at the end of 2nd Quarter 2015, from 7.2% at the end of 1st Quarter 2015 (see Annex E-1 [PDF, 93kb]).

Stock and vacancy of private residential units (excluding ECs)

OFFICE SPACE

Office market at a glance:

Prices and Rentals

Prices of office space increased by 0.3% in 2nd Quarter 2015, compared with a decrease of 0.1% in the previous quarter (see Annex A-1 [PDF, 89kb]). Rentals of office space fell 2.6% in 2nd Quarter 2015, compared with the 0.6% increase in 1st Quarter 2015 (see Annexes A-3 [PDF, 89kb] & A-5 [PDF 141kb]).

Property Price Index of office space

Rental Index of office space in Central region

Supply in the Pipeline

As at the end of 2nd Quarter 2015, there was a total supply of about 962,000 sq m GFA of office space in the pipeline (see Annexes E-1 [PDF, 93kb] & E-2 [PDF, 117kb]).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space increased by 38,000 sq m (nett) in 2nd Quarter 2015, compared to the 19,000 sq m (nett) increase in the previous quarter. The stock of office space increased by 8,000 sq m (nett) in 2nd Quarter 2015, compared to the increase of 22,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd Quarter 2015 fell to 9.8%, from 10.2% at the end of 1st Quarter 2015 (see Annexes A-5 [PDF, 141kb] & E-1 [PDF, 93kb]).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

Prices of retail space decreased by 0.5% in 2nd Quarter 2015, after remaining unchanged in the previous quarter (see Annex A-1 [PDF, 89kb]). Rentals of retail space decreased by 0.5% in 2nd Quarter 2015, compared to the 0.3% decrease in 1st Quarter 2015 (see Annexes A-3 [PDF, 89kb] & A-5 [PDF, 141kb]).

Property Price Index of retail space

Rental Index of retail space in Central region

Supply in the Pipeline

As at the end of 2nd Quarter 2015, there was a total supply of 774,000 sq m GFA of retail space from projects in the pipeline (see Annexes E-1 [PDF, 93kb]E-2 [PDF, 117kb]).

Pipeline supply of retail space

Stock and Vacancy

The amount of occupied retail space remained unchanged in 2nd Quarter 2015, compared to the 25,000 sq m (nett) decrease in the previous quarter. The stock of retail space increased by 25,000 sq m (nett) in 2nd Quarter 2015, lower than the 34,000 sq m (nett) increase in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.2% at the end of 2nd Quarter 2015, from 6.8% at the end of 1st Quarter 2015 (see Annexes A-5 [PDF, 141kb] & E-1 [PDF, 93kb]).

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 http://spring.ura.gov.sg/lad/ore/login/index.cfm.  You can also call the REALIS hotline at 6329 3456. 

 

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 http://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1.
3 Projects in the pipeline refer to new development and redevelopment projects with planning approval, i.e. either 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

Summary of Key Information for 2nd Quarter 2015

Annex Title
Annex A-1 [PDF, 89kb] Comparison of Property Price Index for 1st Quarter 2015 and 2nd Quarter 2015
Annex A-2 [PDF, 33kb] Price Indices of Non-Landed Properties by Locality
Annex A-3 [PDF, 89kb] Comparison of Rental Index for 1st Quarter 2015 and 2nd Quarter 2015
Annex A-4 [PDF, 39kb] Rental Indices of Non-Landed Properties by Locality
Annex A-5 [PDF, 141kb] Median Rentals and Vacancy of Office and Retail Space
Annex A-6 [PDF, 28kb] Chart of Property Price Index by Type of Property
Annex A-7 [PDF, 22kb] Chart of Residential Property Price Index by Type
Annex B-1 [PDF, 20kb] Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 30kb] Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 [PDF, 30kb] Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 [PDF, 35kb] Number of Private Residential Units Sold in the Quarter by Market Segment
Annex D [PDF, 121kb] Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 93kb] Stock & Vacancy and Supply in the Pipeline as at End of 2nd Quarter 2015
Annex E-2 [PDF, 117kb] Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 2nd Quarter 2015
Annex E-3 [PDF, 24kb] Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion
Annex F [PDF, 36kb] Number of Executive Condominium Units Launched and Sold in the Quarter