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Statistics Singapore - Singapore Department of Sta : Real Estate Information, 4Q2012

01/24/2013 | 09:49pm US/Eastern
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25 January 2013

Release of 4th Quarter 2012 real estate statistics

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2012.

PRIVATE RESIDENTIAL PROPERTIES

Prices and Rentals

Prices of private residential properties increased by 1.8% in 4th Quarter 2012, compared to the 0.6% increase in the previous quarter. For the year 2012 as a whole, prices of private residential properties increased by 2.8%, compared with the 5.9% increase in 2011.

Prices of non-landed properties in Core Central Region (CCR)1increased by 0.7% in 4th Quarter 2012, compared to the increase of 0.1% in the previous quarter. Prices in Rest of Central Region (RCR) increased by 0.9%, compared to the 0.8% increase in the previous quarter. For Outside Central Region (OCR), prices increased by 3.8% in 4th Quarter 2012, compared to the increase of 1.0% in the previous quarter (see Annexes A-1, A-2 & A-62).

Rentals of private residential properties increased by 0.7% in 4th Quarter 2012, compared with 0.9% in the previous quarter (see Annexes A-3 & A-4). For the year 2012 as a whole, rentals of private residential properties increased by 2.1%, compared with the 3.8% increase in 2011.

Launches and Take-up

A total of 3,408 uncompleted private residential units (excluding ECs) were launched for sale by developers in 4th Quarter 2012, compared with 5,052 units in 3rd Quarter 2012 (see Annex C-1). For the year 2012 as a whole, 21,478 uncompleted private residential units (excluding ECs) were launched, compared with the 17,710 units launched in 2011.

4,353 private residential units were sold by developers in 4th Quarter 2012, compared with 5,916 units in 3rd Quarter 2012 (see Annex D). For the year 2012 as a whole, 22,197 private residential units were sold by developers, compared with 15,904 units in 2011.

1,991 new EC units were launched for sale in 4th Quarter 2012 (see Annex F). Developers sold 1,682 EC units in 4th Quarter 2012, compared to 391 units sold in 3rd Quarter 2012.

Resales and Sub-sales

The volume of resale transactions decreased from 3,709 units in 3rd Quarter 2012 to 3,058 units in 4th Quarter 2012. For the year 2012 as a whole, there were a total number of 12,811 resale transactions, compared with the 14,046 resale transactions reported in 2011 (see Annex D).

Sub-sales accounted for 6.6% of all sale transactions in 4th Quarter 2012, slightly higher than the 6.3% recorded in 3rd Quarter 2012 (see Annex D).

Supply in the Pipeline

As at the end of 4th Quarter 2012, there was a total supply of 86,475 uncompleted private residential units from projects in the pipeline3, higher than the 83,975 units in 3rd Quarter 20122(see Annexes E-1 & E-25). Of the supply in the pipeline, 36,352 units remained unsold as at 4th Quarter 2012 (see Annexes B-1 & B-2).

There was an additional supply of 10,201 EC units in the pipeline (see Annex E-1). In total, the pipeline supply of 96,676 units, including ECs, was the highest ever recorded since such data were first available in 2001.

In addition, another 15,215 units are expected to be added to the pipeline supply soon. These units are from Government Land Sales (GLS) sites that had been awarded to developers, but for which planning approvals had not been obtained yet as at 4th Quarter 2012, as well as from Confirmed List sites from the 1H2013 GLS Programme that have not been awarded yet (see Annex E-3). If these units are included, there will be close to 111,891 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.

Stock and Vacancy

The stock of completed private residential units increased by 1,274 units in 4th Quarter 2012. The vacancy rate of completed private residential units decreased from 6.1% as at the end of 3rd Quarter 2012 to 5.4% as at the end of 4th Quarter 2012 (see Annex E-1).

OFFICE SPACE

Prices and Rentals

Rentals for office space decreased by 0.3% in 4th Quarter 2012, following a decline of 0.1% in the last quarter (see Annexes A-3 & A-5). For the year 2012 as a whole, rentals of office space had decreased by 1.3%, compared with the increase of 8.4% in 2011. Prices of office space rose 0.3% in 4th Quarter 2012, compared with the increase of 1.9% in the previous quarter (see Annex A-1). For the year 2012 as a whole, prices of office space increased by 1.4%, compared with the increase of 13.8% in 2011.

Supply in the Pipeline

As at the end of 4th Quarter 2012, there was a total supply of about 1.16 million sqm GFA of office space in the pipeline (see Annexes E-1 & E-2).

Stock and Vacancy

The amount of occupied office space increased by 17,000 sqm (nett) in 4th Quarter 2012, as compared to the increase of 71,000 sqm (nett) in the previous quarter. On the other hand, the stock of office space decreased by 4,000 sqm (nett) in 4th Quarter 2012. As a result, the island-wide vacancy rate of office space as at the end of 4th Quarter 2012 decreased to 9.4%, from 9.7% as at the end of 3rd Quarter 2012 (see Annexes A-5 & E-1).

SHOP SPACE

Prices and Rentals

Rentals for shop space increased by 0.2% in 4th Quarter 2012, after a decline of 0.3% in 3rd Quarter 2012 (see Annexes A-3 & A-5). For the year 2012 as a whole, rentals of shop space had declined by 0.3%, compared with the increase of 2.6% in 2011. Prices of shop space declined by 0.2% in 4th Quarter 2012, after a 1.1% increase registered in the previous quarter (see Annex A-1).

Supply in the Pipeline

As at the end of 4th Quarter 2012, there was a total supply of 621,000 sqm 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 31,000 sqm (nett) in 4th Quarter 2012. On the other hand, the stock of shop space increased by 2,000 sqm (nett) in 4th Quarter 2012. As a result, the island-wide vacancy rate of shop space declined to 5.2% as at the end of 4th Quarter 2012, from 6.1% as at the end of 3rd Quarter 2012 (see Annexes A-5 & E-1).

INDUSTRIAL SPACE

Prices and Rentals

Prices of multiple-user factory space decreased by 2.7% in 4th Quarter 2012, compared with the rise of 10.1% in the previous quarter (see Annex A-1). For the year 2012 as a whole, prices of multiple-user factory space increased by 24.5%, compared with the 27.1% increase in 2011. Rentals of multiple-user factory space increased by 3.9% in 4th Quarter 2012, compared with the increase of 0.2% in the previous quarter (see Annex A-3). For the year 2012 as a whole, rentals of multiple-user factory space increased by 9.7%, compared with the increase of 16.2% in 2011.

Supply in the Pipeline

As at the end of 4th Quarter 2012, there was a total supply of 4.284 million sqm 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 229,000 sqm (nett) in 4th Quarter 2012, higher than the increase of 94,000 sqm (nett) in 3rd Quarter 2012. On the other hand, the stock of factory space increased by 314,000 sqm (nett) in 4th Quarter 2012. The vacancy rate of factory space increased from 6.7% as at the end of 3rd Quarter 2012 to 6.9% as at the end of 4th Quarter 2012 (see Annex E-1).

URA'S REAL ESTATE INFORMATION SERVICE

More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy position 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 contact the REALIS hotline at 6329 3456.

1 Core Central Region comprises postal districts 9, 10, 11, Downtown Core Planning Area and Sentosa. A map of Central Region showing the Core Central Region (CCR) and the Rest of Central Region (RCR) is available at: http://spring.ura.gov.sg/lad/ore/login/map_ccr.pdf
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: http://www.ura.gov.sg/propertyinfo. Similar information can also be accessed by users on the go via the new iphone/ipad application introduced by URA. The application can be downloaded directly from http://itunes.apple.com/us/app/property-market-information/id428469176?mt=8&ls=1
3 The term "projects in the pipeline" refers to new development and redevelopment projects with planning approvals, i.e. either Provisional Permissions (PPs) or Written Permissions (WPs). A WP is a final approval granted under the Planning Act for a proposed development, as compared with a PP, which is a conditional approval.
4 The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects.
5 More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at http://www.ura.gov.sg/propertyinfo.

Summary of Key Information for 4th Quarter 2012

Annex Title
Annex A-1 Comparison of Property Price Index for 3rd Quarter 2012 and 4th Quarter 2012
Annex A-2 Price Indices of Non-Landed Properties by Locality and Completion Status
Annex A-3 Comparison of Rental Index for 3rd Quarter 2012 and 4th Quarter 2012
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 4th Quarter 2012
Annex E-2 Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2012
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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