Latest Market News

Release of 1st quarter 2010 real estate statistics

Friday 23 April 2010

SUMMARY
Prices of private residential, office, shop and industrial properties increased by 5.6%, 1.8%, 1.8% and 1.5% respectively in the 1st Quarter 2010. Rentals of private residential properties, office and industrial properties increased by 4.7%, 0.4% and 1.7% respectively, while those of shop properties decreased by 0.1% in the 1st Quarter 2010.

As at 1st Quarter 2010, there were 63,581 private residential units in the pipeline, comprising supply from projects already under construction and those that had been granted planning approval but not yet constructed. Of these, 34,233 units were still unsold. This number is equivalent to about 3 years of supply based on average take-up1 of about 11,300 units over the last 3 years. For the office sector, there was a pipeline supply of about 1.02 million sq m Gross Floor Area (GFA) of office space from various Government and private land sources. Of these, about 42,717 private residential units and about 931,000 sq m GFA of office space were expected to be completed between 2nd Quarter 2010 and 2013. This is based on developers’ declarations. The actual completion schedule may change from quarter to quarter as developers adjust their development plans or construction schedule according to market conditions.

PRIVATE RESIDENTIAL PROPERTIES
Prices
Overall prices of private residential properties increased by 5.6% in 1st Quarter 2010, compared with the 7.4% increase in the previous quarter.
Prices of non-landed properties increased by 4.9% in 1st Quarter 2010, compared with the 7.2% increase in the previous quarter. Prices of apartments increased by 3.6%, while prices of condominiums increased by 5.7%. Prices of non-landed properties in Core Central Region2(CCR) increased by 4.4% in 1st Quarter 2010, and prices of non-landed properties in Rest of Central Region3 (RCR) and Outside Central Region (OCR) increased by 7.9% and 4.3% respectively. Prices of landed properties increased by 8.3% in 1st Quarter 2010, the same rate as in the previous quarter. Prices of detached, semi-detached and terrace houses increased by 9.6%, 7.5% and 7.4% respectively in 1st Quarter 2010.

Rentals

Rentals of private residential properties4 increased by 4.7% in 1st Quarter 2010, compared with the 0.6% increase in the previous quarter. Rentals of non-landed properties in CCR, RCR and OCR increased by 5.3%, 4.0% and 4.8% respectively in 1st Quarter 2010. In addition, URA also released data on the 25th percentile, median and 75th percentile rentals for individual private residential projects for 1st Quarter 20105.

Supply in the Pipeline

As at the end of 1st Quarter 2010, there was a total supply of 63,581 uncompleted units of private housing from projects in the pipeline. Of these, 34,233 units were still unsold. These comprised 3,307 units that had been launched for sale by developers and 9,741 units which had the pre-requisite conditions for sale and could be launched for sale immediately. The remaining 21,185 units with planning approvals did not have the pre-requisite conditions for sale. Of the 63,581 uncompleted units of private housing from projects in the pipeline, 22,564 units, 19,206 units and 21,811 units were in CCR, RCR and OCR respectively.
In addition to the supply in the pipeline above, the Government had in Nov 2009 reinstated the Confirmed List and made available adequate sites in the Reserve List for the Government Land Sales (GLS) Programme in the 1st Half of 2010. The Government placed sites that can potentially yield 2,925 private residential units on the Confirmed List as well as 7,625 private residential units on the Reserve List. Collectively, the GLS Programme can potentially yield 10,550 private residential units, including 2,445 Executive Condominium units. These sites are located in the Outside Central Region (OCR) or in locations in the Rest of Central Region (RCR) where more affordable private housing is expected to be built. To date, the Government has sold 4 sites, which can potentially yield about 1,700 units, via the Confirmed List in the 1st Half of 2010. Another 8 sites, which can potentially yield about 3,300 units, have been sold from the Reserve List or are in the process of being tendered out after having been triggered from the Reserve List.

Launches and Take-up

A total of 4,372 uncompleted private residential units were launched for sale by developers in 1st Quarter 2010, compared with 2,227 units in 4th Quarter 2009. Of the 4,372 uncompleted units launched in the quarter, 1,988 units were in CCR, 748 units were in RCR, and 1,636 units were in OCR. Major residential projects launched in the quarter included The Estuary at Yishun Avenue 1/Yishun Avenue 2 (608 units), The Vision at West Coast Crescent (295 units), Altez at Enggor Street (203 units of a total of 280 units), The Shore Residences at Amber Road (202 units of a total 408 units) and 76 Shenton at Shenton Way (202 units). In 1st Quarter 2010, 4,351 uncompleted private residential units were sold by developers, compared with 1,841 units in 4th Quarter 2009. Of the 4,351 uncompleted units sold in the quarter, 1,914 units were in CCR, 719 units were in RCR, and 1,718 units were in OCR. Developers also sold 29 completed private residential units in 1st Quarter 2010.

Sub-sales

The total number of sub-sales was 806 in 1st Quarter 2010, compared to 771 sub-sales in the previous quarter. In percentage terms, sub-sales accounted for 8.5% of all sale transactions in 1st Quarter 2010, compared to 11.6% in 4th Quarter 2009. The number of sub-sales in CCR in 1st Quarter 2010 accounted for 10.1% of the property sale transactions in this area in the quarter, compared to 15.4% in the previous quarter. The percentage of sub-sales in 1st Quarter 2010 for RCR, at 11.3%, was higher than the 10.1% in the previous quarter. In OCR, the percentage of sub-sales in 1st Quarter 2010 was 5.9% which was lower than the 10.1% in the previous quarter

Stock and Vacancy

A total of 1,407 private residential units were completed (granted TOP) in 1st Quarter 2010. Major residential projects completed in the quarter were The Oceanfront @ Sentosa Cove at Ocean Drive (264 units), The Regency at Tiong Bahru at Chay Yan Street (158 units) and Fontaine Parry at Poh Huat Road (125 units). The vacancy rate of completed private residential units decreased from 5.0% as at the end of 4th Quarter 2009 to 4.6% as at the end of 1st Quarter 2010

Source: Urban Redevelopment Authority (URA)