By The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 20131.
PRIVATE RESIDENTIAL PROPERTIESPrices and Rentals
Prices of private residential properties decreased by 0.9% in 4th Quarter 2013. This was the first time that overall prices have fallen since 1st Quarter 2012. For the year 2013 as a whole, prices of private residential properties increased by 1.1%, lower than the 2.8% increase in 2012.
Prices of non-landed properties in the Core Central Region (CCR) further declined by 2.1%, after the 0.3% decrease in the previous quarter. In Outside Central Region (OCR), prices declined by 1.0%, the first decrease recorded in the region since 2nd Quarter 2009. Prices in the Rest of Central Region (RCR) recovered 0.4%, after registering a 0.9% decline in the previous quarter (see Annexes A-1, A-2 & A-62). For the year 2013 as a whole, prices in CCR and RCR decreased by 1.9% and 0.1% respectively, while prices in OCR increased by 6.5%. There was no growth in the prices of private landed properties.
Rentals of private residential properties decreased by 0.5% in 4th Quarter 2013, compared with the 0.2% increase in 3rd Quarter 2013 (see Annexes A-3 & A-4). This was the first time that rentals have fallen since 3rd Quarter 2009. For the year 2013 as a whole, rentals increased by 0.9%, lower than the 2.1% increase in 2012.
Launches and Take-up
Developers launched 2,631 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2013, fewer than the 3,313 units in 3rd Quarter 2013 (see Annex C-1). For the year 2013 as a whole, developers launched 15,885 uncompleted units for sale, fewer than the 21,478 units launched in 2012.
Developers sold 2,568 private residential units in 4th Quarter 2013, compared to the 2,430 units sold in 3rd Quarter 2013 (see Annex D). For the year 2013 as a whole, developers sold 14,948 units, significantly fewer than the 22,197 units sold in 2012.
879 new EC units were launched for sale in 4th Quarter 2013 (see Annex F), fewer than the 1,387 units launched in the previous quarter. Developers sold 691 EC units in 4th Quarter 2013, less than the 1,240 units sold in 3rd Quarter 2013. For the year 2013 as a whole, developers launched 3,337 units of EC for sale, and sold 3,588 units.
Resales and Sub-sales
The volume of resale transactions decreased from 1,391 units in 3rd Quarter 2013 to 1,139 units in 4th Quarter 2013. Resale transactions accounted for 29.6% of all sale transactions in 4th Quarter 2013, compared to 34.6% in 3rd Quarter 2013 (see Annex D). For the year 2013 as a whole, 6,608 units were sold in resale transactions, significantly lower than the 13,214 units in 2012.
Sub-sales accounted for 3.8% of all sale transactions in 4th Quarter 2013, lower than the 4.9% recorded in 3rd Quarter 2013 (see Annex D). For the year 2013 as a whole, 1,072 units were sold through sub-sales, significantly lower than the 2,462 units in 2012.
Supply in the Pipeline
As at the end of 4th Quarter 2013, there was a total supply of 83,7023 uncompleted private residential units in the pipeline, compared to 84,917 units in 3rd Quarter 20134 (see Annexes E-1 & E-25). Of this number, 30,819 units remained unsold as at 4th Quarter 2013 (see Annexes B-1 & B-2). There was an additional supply of 14,040 EC units in the pipeline. Altogether, there were 97,742 units in the pipeline supply.
In addition, another 10,940 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 had not yet been obtained as at 4th Quarter 2013; Confirmed List sites from the 2H2013 and 1H2014 GLS Programmes that had not yet been awarded; and one Reserve List site that has been triggered but not yet awarded (see Annex E-3). If these units were included, there were about 108,700 private housing and EC units in the overall pipeline supply.
Based on expected completion dates reported by developers, 19,907 units (including ECs) will be completed in 2014. Another 24,153 units (including ECs) are expected to be completed in 2015. In comparison, about 14,400 units were completed in 2013.
Stock and Vacancy
The stock of completed private residential units increased by 3,364 units in 4th Quarter 2013. The vacancy rate of completed private residential units increased from 6.1% at the end of 3rd Quarter 2013 to 6.2% at the end of 4th Quarter 2013 (see Annex E-1).
OFFICE SPACEPrices and Rentals
Prices of office space rose 0.5% in 4th Quarter 2013, lower than the 1.0% increase in the previous quarter (see Annex A-1). Rentals of office space rose 0.5% in 4th Quarter 2013, compared to the 0.8% increase in 3rd Quarter 2013 (see Annexes A-3 & A-5). For the year 2013 as a whole, prices of office space rose 5.2% while rentals increased by 1.3%.
Supply in the Pipeline
At the end of 4th Quarter 2013, there was a total supply of about 1.0 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 30,000 sq m (nett) in 4th Quarter 2013, compared to the 46,000 sq m (nett) increase in the previous quarter. The stock of office space increased by 51,000 sq m (nett) in 4th Quarter 2013, compared to the increase of 122,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 4th Quarter 2013 increased to 9.9%, from 9.6% at the end of 3rd Quarter 2013 (see Annexes A-5 & E-1).
SHOP SPACEPrices and Rentals
Prices of shop space remained unchanged in 4th Quarter 2013, following the 0.4% increase in the previous quarter (see Annex A-1). Rentals for shop space rose 0.1% in 4th Quarter 2013, lower than the 0.4% increase in 3rd Quarter 2013 (see Annexes A-3 & A-5).
Supply in the Pipeline
At the end of 4th Quarter 2013, there was a total supply of 656,000 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 increased by 75,000 sq m (nett) in 4th Quarter 2013. The stock of shop space increased by 35,000 sq m (nett) in 4th Quarter 2013. As a result, the island-wide vacancy rate of shop space fell to 4.5% at the end of 4th Quarter 2013, from 5.7% at the end of 3rd Quarter 2013 (see Annexes A-5 & E-1).
URA'S REAL ESTATE INFORMATION SERVICEMore detailed information on the price and rental indices, supply in the pipeline, stock and vacancy positions 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.
Summary of Key Information for 4th Quarter 2013
| Annex | Title |
| Annex A-1a | Comparison of Property Price Index for 3rd Quarter 2013 and 4th Quarter 2013 |
| Annex A-1b | Comparison of Property Price Index for 2012 and 2013 |
| Annex A-2 | Price Indices of Non-Landed Properties by Locality and Completion Status |
| Annex A-3a |
Comparison of Rental Index for 3rd Quarter 2013 and 4th Quarter 2013 |
| Annex A-3b | Comparison of Rental Index for 2012 and 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 |
| Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment | |
| Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2013 | |
| Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion |
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