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Singapore Q3 2016 Property Prices; Rental & Vacancy rates

singaporeq3 privatepropertyprices
 
The Urban Redevelopment Authority (URA) releases the real estate statistics for 3rd quarter 2016 as follows.[1]

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:
singaporeq3 privatepropertyprices pic1 
Prices and Rentals

Prices of private residential properties decreased by 1.5% in 3rd quarter 2016, compared to the 0.4% decline in the previous quarter.

Property Price Index of private residential properties
singaporeq3 privatepropertyprices pic2
 
Prices of landed properties declined by 2.7%, compared to the 1.5% decline in the previous quarter. Prices of non-landed properties decreased by 1.2%, compared to the 0.1% decline in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) decreased by 1.9%, compared to the 0.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) both decreased by 1.0%, compared with the 0.2% increase in RCR and 0.5% decrease in OCR in the previous quarter.[2]

Rentals of private residential properties fell 1.2%, compared to the 0.6% decline in the previous quarter.

Rental Index of private residential properties
singaporeq3 privatepropertyprices pic3
Rentals of landed properties remained unchanged, compared to the 1.6% decline in the previous quarter. Rentals of non-landed properties decreased by 1.4%, compared to the 0.4% decline in the previous quarter.

Rentals of non-landed properties decreased by 1.4% in CCR, compared to the 0.1% increase in the previous quarter. Rentals in RCR fell 0.6%, the same rate as the previous quarter while rentals in OCR fell by 2.4%, compared to the 1.2% decrease in the previous quarter.

Launches and Take-up

Developers launched 1,609 uncompleted private residential units (excluding ECs) for sale in 3rd quarter 2016, compared to 2,371 units in the previous quarter.

Developers sold 1,981 private residential units (excluding ECs) in 3rd quarter 2016, compared to the 2,256 units sold in the previous quarter.

Number of private housing units launched and sold by developers (excluding ECs)
singaporeq3 privatepropertyprices pic4
 
Developers launched 862 EC units for sale in 3rd quarter 2016 and sold 1,398 EC units over the same period, compared to the 1,260 EC units launched and 1,105 units sold in the previous quarter.

Resales and Sub-sales

There were 2,477 resale transactions in 3rd quarter 2016, compared to the 2,140 units transacted in the previous quarter. Resale transactions accounted for 53.9% of all sale transactions in 3rd quarter 2016, compared to 47.0% in the previous quarter.

There were 138 sub-sale transactions in 3rd quarter 2016, compared to the 154 units transacted in the previous quarter. Sub-sales accounted for 3.0% of all sale transactions in 3rd quarter 2016, compared to 3.4% in the previous quarter.

Number of resale and sub-sale transactions for private residential units (excluding ECs)
singaporeq3 privatepropertyprices pic5
Supply in the Pipeline

As at the end of 3rd quarter 2016, there was a total supply of 43,693[3] uncompleted private residential units (excluding ECs) in the pipeline, compared to the 47,250 units in the previous quarter. Of this number, 20,577 units remained unsold as at 3rd quarter 2016.

After adding the supply of 11,054 EC units in the pipeline, there were 54,747 units in the pipeline. Of the EC units in the pipeline, 4,634 units remained unsold. In total, 25,211 units (including ECs) remained unsold.

Total number of unsold private residential units in the pipeline (excluding ECs)
singaporeq3 privatepropertyprices pic6
Based on the expected completion dates reported by developers, 7,077 units (including ECs) will be completed in the last quarter of 2016. Another 16,167 units (including ECs) will be completed in 2017.

Pipeline supply of private residential units and ECs by expected year of completion
 
singaporeq3 privatepropertyprices pic7
Note:  16,355 private residential units and 4,066 executive condominium units were completed (i.e. obtained TOP) in 1Q-3Q2016.
 
Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 4,919 units in 3rd quarter 2016, compared to an increase of 8,425 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,393 units in 3rd quarter 2016, compared to an increase of 3,034 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.7% at the end of 3rd quarter 2016, from 8.9% at the end of the previous quarter.

Stock and vacancy of private residential units (excluding ECs)
 
singaporeq3 privatepropertyprices pic8
 
OFFICE SPACE

Office market at a glance:
singaporeq3 privatepropertyprices pic9
 
Prices and Rentals

Prices of office space decreased by 0.4% in 3rd quarter 2016, compared to the 1.5% decline in the previous quarter. Rentals of office space fell by 1.1% in 3rd quarter 2016, compared to the decline of 3.5% in the previous quarter.

Property Price Index of office space
singaporeq3 privatepropertyprices pic10
 
Rental Index of office space in Central region
singaporeq3 privatepropertyprices pic11
 
Supply in the Pipeline

As at the end of 3rd quarter 2016, there was a total supply of about 879,000 sq m GFA of office space in the pipeline.

Pipeline supply of office space
singaporeq3 privatepropertyprices pic12 
Stock and Vacancy

The amount of occupied office space decreased by 5,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 30,000 sq m (nett) in the previous quarter. The stock of office space increased by 101,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 27,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd quarter 2016 rose to 10.4%, from 9.1% at the end of the previous quarter.

Stock and vacancy of office space
singaporeq3 privatepropertyprices pic13
 
 
RETAIL SPACE

Retail market at a glance:
singaporeq3 privatepropertyprices pic14
 
 
Prices and Rentals

Prices of retail space decreased by 0.6% in 3rd quarter 2016, compared to the decrease of 3.1% in the previous quarter. Rentals of retail space decreased by 1.5% in 3rd quarter 2016, compared to the decrease of 3.9% in the previous quarter.

Property Price Index of retail space
singaporeq3 privatepropertyprices pic15
 
 
Rental Index of retail space in Central region
 
singaporeq3 privatepropertyprices pic16
 
Supply in the Pipeline

As at the end of 3rd quarter 2016, there was a total supply of 652,000 sq m GFA of retail space from projects in the pipeline.

Pipeline supply of retail space
singaporeq3 privatepropertyprices pic17 
 
Stock and Vacancy

The amount of occupied retail space decreased by 26,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 1,000 sq m (nett) in the previous quarter. The stock of retail space increased by 17,000 sq m (nett) in 3rd quarter 2016, compared to the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.4% at the end of 3rd quarter 2016, from 7.8% at the end of the previous quarter.

Stock and vacancy of retail space
singaporeq3 privatepropertyprices pic18
 
singaporeq3 privatepropertyprices

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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