Release of 1st Quarter 2013 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 2013.

PRIVATE RESIDENTIAL PROPERTIES

Prices and Rentals

Prices of private residential properties increased by 0.6% in 1st Quarter 2013, reflecting a significant moderation in the 1.8% price growth recorded in 4th Quarter 2012.

The moderation in price growth of non-landed properties was seen across all three market segments. It was most pronounced in the Rest of Central Region (RCR), where the rate of increase fell to 0.2%, compared to 0.9% in 4th Quarter 2012. Similarly, price growth in the Outside Central Region (OCR) slipped to 1.4% from the 3.8% increase in the previous quarter. Prices in the Core Central Region (CCR)1 increased by 0.6%, compared to 0.7% previously (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased 0.8% in 1st Quarter 2013, which was marginally higher than the 0.7% increase in 4th Quarter 2012 (see Annexes A-3 & A-4).

Launches and Take-up

Developers launched 5,546 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2013, higher than the 3,408 units in 4th Quarter 2012 (see Annex C-1).

Developers sold 5,412 private residential units in 1st Quarter 2013, compared with the 4,353 units in 4th Quarter 2012 (see Annex D).

No new EC units were launched for sale in 1st Quarter 2013 (see Annex F). Developers sold 725 EC units in 1st Quarter 2013, or less than half the 1,682 units sold in 4th Quarter 2012.

Resales and Sub-sales

The volume of resale transactions decreased sharply, from 3,447 units in 4th Quarter 2012 to 1,871 units in 1st Quarter 2013. As a proportion of all sale transactions, resale transactions fell to 24.5% from 40.8% in the previous quarter (see Annex D).

Sub-sales accounted for 4.5% of all sale transactions in 1st Quarter 2013, lower than the 7.7% recorded in 4th Quarter 2012 (see Annex D).

Supply in the Pipeline

As at the end of 1st Quarter 2013, the total supply of uncompleted private residential units in the pipeline has hit 88,6233, higher than the 86,475 units in 4th Quarter 20124 (see Annexes E-1 & E-25). Of this, 35,564 units remained unsold as at 1st Quarter 2013 (see Annexes B-1 & B-2). There is an additional supply of 11,938 EC units in the pipeline. The cumulative figure of 100,561 units in the pipeline supply is the highest recorded since data was first made available in 2001.

In addition, another 9,920 units will soon be added to the pipeline supply. These units are from Government Land Sales (GLS) sites that had been awarded to developers, but for which planning approvals have not yet been obtained as of 1st Quarter 2013, as well as from Confirmed List sites from the 1H2013 GLS Programme that have not yet been awarded (see Annex E-3). If these units are included, there will be close to 110,481 private housing and EC units in the overall pipeline supply, many of which are expected to be completed in the next 3 to 4 years.

Based on the expected completion dates reported by developers, there will be 18,400 units completed in 2013, which is the highest number recorded since the 14,600 completions in 1997.

Stock and Vacancy

The stock of completed private residential units increased by 2,204 units in 1st Quarter 2013. The vacancy rate of completed private residential units decreased from 5.4% at the end of 4th Quarter 2012 to 5.2% at the end of 1st Quarter 2013 (see Annex E-1).

OFFICE SPACE

Prices and Rentals

Rentals for office space continued their fall, decreasing 0.2% in 1st Quarter 2013, after declining 0.3% in 4th Quarter 2012 (see Annexes A-3 & A-5). Prices of office space rose 2.1% in 1st Quarter 2013, compared with the increase of 0.3% in the previous quarter (see Annex A-1).

Supply in the Pipeline

At the end of 1st Quarter 2013, there was a total supply of about 1.164 million sq m GFA of office space in the pipeline (see Annexes E-1 & E-2).

Stock and Vacancy

The amount of occupied office space increased by 25,000 sq m (nett) in 1st Quarter 2013, compared to the 17,000 sq m (nett) increase in the previous quarter. On the other hand, the stock of office space increased by 16,000 sq m (nett) in 1st Quarter 2013. As a result, the island-wide vacancy rate of office space as at the end of 1st Quarter 2013 decreased marginally to 9.2%, from 9.4% at the end of 4th Quarter 2012 (see Annexes A-5 & E-1).

SHOP SPACE

Prices and Rentals

Rentals for shop space declined by 0.6% in 1st Quarter 2013, after an increase of 0.2% in 4th Quarter 2012 (see Annexes A-3 & A-5). Prices of shop space increased by 2.1% in 1st Quarter 2013, after posting a 0.2% decline in the previous quarter (see Annex A-1).

Supply in the Pipeline

At the end of 1st Quarter 2013, there was a total supply of 639,000 sq m GFA of shop space from projects in the pipeline (see Annexes E-1 & E-2).

Stock and Vacancy

The amount of occupied shop space decreased by 22,000 sq m (nett) in 1st Quarter 2013. The stock of shop space decreased by 13,000 sq m (nett) in 1st Quarter 2013. As a result, the island-wide vacancy rate of shop space rose to 5.5% at the end of 1st Quarter 2013, from 5.2% at the end of 4th Quarter 2012 (see Annexes A-5 & E-1).

INDUSTRIAL SPACE

Prices and Rentals

Prices of multiple-user factory space increased by 2.9% in 1st Quarter 2013, compared with the decline of 2.7% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space increased by 0.4% in 1st Quarter 2013, which was significantly lower than the 3.9% increase in the previous quarter (see Annex A-3).

Supply in the Pipeline

As at the end of 1st Quarter 2013, there was a total supply of 4.514 million sq m GFA of factory space from projects in the pipeline (see Annexes E-1 & E-2).

Stock and Vacancy

The amount of occupied factory space increased by 83,000 sq m (nett) in 1st Quarter 2013, lower than the increase of 229,000 sq m (nett) in 4th Quarter 2012. On the other hand, the stock of factory space increased by 100,000 sq m (nett) in 1st Quarter 2013. The vacancy rate of factory space increased from 6.9% at the end of 4th Quarter 2012 to 7.0% at the end of 1st Quarter 2013 (see Annex E-1).

More information on REALIS can be found at http://spring.ura.gov.sg/lad/ore/login/index.cfm.

Summary of Key Information for 1st Quarter 2013

Annex Title
Annex A-1 Comparison of Property Price Index for 4th Quarter 2012 and 1st Quarter 2013
Annex A-2 Price Indices of Non-Landed Properties by Locality and Completion Status
Annex A-3 Comparison of Rental Index for 4th Quarter 2012 and 1st Quarter 2013
Annex A-4 Rental Indices of Non-Landed Properties by Locality
Annex A-5 Median Rentals and Vacancy of Office and Shop Space
Annex A-6 Chart of Property Price Index by Type of Property
Annex A-7 Chart of Residential Property Price Index by Type
Annex B-1 Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C-1 Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex C-2 Number of Private Residential Units Sold in the Quarter by Market Segment
Annex C-3 Number of Private Residential Units sold by Size and Price
Annex D Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2013
Annex E-2 Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 1st Quarter 2013
Annex E-3 Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion
Annex F Number of Executive Condominium Units Launched and Sold in the Quarter

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