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Singapore Q2 2016 Property Prices; Rental & Vacancy rates

The Urban Redevelopment Authority (URA) releases the real estate statistics for 2nd quarter 2016.[1]
 
PRIVATE RESIDENTIAL PROPERTIES
 
Private residential market at a glance:
 
singaporeprivateproperty 2q2016pic1
 
Prices and Rentals
 
Prices of private residential properties decreased by 0.4% in 2nd quarter 2016, compared to the 0.7% decline in the previous quarter.
 
Property Price Index of private residential properties
 
singaporeprivateproperty 2q2016pic2
 
 
Prices of landed properties declined by 1.5%, compared to the 1.1% decline in the previous quarter. Prices of non-landed properties decreased by 0.1%, compared to the 0.6% decline in the previous quarter.

Prices of non-landed properties in Outside Central Region (OCR) decreased by 0.5%, compared to the 1.3% decline previously. Prices of non-landed properties in Rest of Central Region (RCR) rose by 0.2% after remaining unchanged in the previous quarter. Prices of non-landed properties in Core Central Region (CCR) increased by 0.3%, after increasing 0.3% previously[2].

Rentals of private residential properties fell 0.6%, compared to the 1.3% decline in the previous quarter.

Rental Index of private residential properties
 
singaporeprivateproperty 2q2016pic3
 
Rentals of landed properties fell by 1.6%, compared to the 2.2% decline in the previous quarter. Rentals of non-landed properties decreased by 0.4%, compared to the 1.2% decline in the previous quarter.

Rentals of non-landed properties rose 0.1% in CCR, compared to the 1.7% decline in the previous quarter. Rentals in RCR and OCR fell 0.6% and 1.2% respectively, the same rates of decline recorded previously.

Launches and Take-up

Developers launched 2,371 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 2nd quarter 2016, compared to the 953 units in the previous quarter.

Developers sold 2,256 private residential units (excluding ECs) in 2nd quarter 2016, compared to the 1,419 units sold previously.

Number of private housing units launched and sold by developers (excluding ECs)
 
singaporeprivateproperty 2q2016pic4
 
Developers launched 1,260 EC units for sale in 2nd quarter 2016 and sold 1,105 EC units over the same period, compared to the 534 EC units launched and 762 units sold in the previous quarter.

Resales and Sub-sales

There were 2,140 resale transactions in 2nd quarter 2016, compared to the 1,340 units transacted in the previous quarter. Resale transactions accounted for 47.0% of all sale transactions in 2nd quarter 2016, compared to the 47.1% in the previous quarter.

There were 154 sub-sale transactions in 2nd quarter 2016, compared to the 88 units transacted in the previous quarter. Sub-sales accounted for 3.4% of all sale transactions in 2nd quarter 2016, compared to the 3.1% in the previous quarter.

Number of resale and sub-sale transactions for private residential units (excluding ECs)
 
singaporeprivateproperty 2q2016pic5
 
 
Supply in the Pipeline

As at the end of 2nd quarter 2016, there was a total supply of 47,250 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 53,512 units in the previous quarter. Of this number, 21,489 units remained unsold as at 2nd quarter 2016.

Total number of unsold private residential units in the pipeline (excluding ECs)
 
singaporeprivateproperty 2q2016pic6
 
After adding the supply of 11,554 EC units in the pipeline, there were 58,804 units in the pipeline. Of the EC units in the pipeline, 5,471 units remained unsold. In total, 26,960 units (including ECs) remained unsold.

Based on the expected completion dates reported by developers, 11,775 units (including ECs) will be completed in the second half of 2016.  Another 17,461 units (including ECs) will be completed in 2017. In comparison, 22,267 units (including ECs) were completed in 2015.

Pipeline supply of private residential units and ECs by expected year of completion
 
singaporeprivateproperty 2q2016pic7
Note: 11,385 private residential units and 3,048 executive condominiums were completed (i.e. obtained TOP) in 1H2016.

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 8,425 units in 2nd quarter 2016, compared to an increase of 2,855 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,034 units in 2nd quarter 2016, compared to an increase of 4,453 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 8.9% at the end of 2nd quarter 2016, from 7.5% at the end of the previous quarter.

Stock and vacancy of private residential units (excluding ECs)
 
singaporeprivateproperty 2q2016pic8
 
OFFICE SPACE

Office market at a glance:
 
singaporeprivateproperty 2q2016pic9
 
Prices and Rentals

Prices of office space decreased by 1.5% in 2nd quarter 2016, compared to the 0.3% decline in the previous quarter. Rentals of office space fell by 3.5% in 2nd quarter 2016, compared to the decline of 2.1% in the previous quarter.

Property Price Index of office space
 
singaporeprivateproperty 2q2016pic10
 
singaporeprivateproperty 2q2016pic11
 
Supply in the Pipeline

As at the end of 2nd quarter 2016, there was a total supply of about 1.022 million sq m GFA of office space in the pipeline.

Pipeline supply of office space
 
singaporeprivateproperty 2q2016pic12
 
Stock and Vacancy

The amount of occupied office space increased by 30,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space increased by 27,000 sq m (nett) in 2nd quarter 2016, compared to the decrease of 23,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd quarter 2016 fell to 9.1%, from 9.2% at the end of the previous quarter.

Stock and vacancy of office space
 
singaporeprivateproperty 2q2016pic13
 
RETAIL SPACE

Retail market at a glance:
 
singaporeprivateproperty 2q2016pic14
 
Prices and Rentals

Prices of retail space decreased by 3.1% in 2nd quarter 2016, compared to the decrease of 1.9% in the previous quarter. Rentals of retail space decreased by 3.9% in 2nd quarter 2016, compared to the decrease of 1.9% in the previous quarter.

Property Price Index of retail space
 
singaporeprivateproperty 2q2016pic15 
 
singaporeprivateproperty 2q2016pic16
 
Supply in the Pipeline

As at the end of 2nd quarter 2016, there was a total supply of 734,000 sq m GFA of retail space from projects in the pipeline.

Pipeline supply of retail space
 
singaporeprivateproperty 2q2016pic17
 
Stock and Vacancy

The amount of occupied retail space increased by 1,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 11,000 sq m (nett) in the previous quarter. The stock of retail space increased by 29,000 sq m (nett) in 2nd quarter 2016, compared to the increase of 19,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 7.8% at the end of 2nd quarter 2016, from 7.3% at the end of the previous quarter.

Stock and vacancy of retail space
 
singaporeprivateproperty 2q2016pic18
 
 
singaporeprivateproperty 2q2016pic19
 
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.  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.
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
 
Credits: URA

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