Singapre Outlines 4th Quarter 2010 Real Estate Statistics
The Urban Redevelopment Authority (URA) released today the real estate statistics for the 4th Quarter 2010.
Prices of private residential, office, shop and industrial properties increased by 2.7%, 5.1%, 1.4% and 6.5% respectively in the 4th Quarter 2010.
Rentals of private residential properties, office, shop and industrial properties increased by 2.6%, 4.7%, 1.7% and 5.0% respectively in the 4th Quarter 2010.
As at 4th Quarter 2010, there were 65,699 private residential units in the pipeline, comprising supply from projects already under construction and those that had been granted planning approval but where construction had not yet commenced.
Of these, 32,776 units were still unsold. This number is equivalent to about 3 years of supply based on the average take-up1 of about 11,400 units per year over the last 3 years.
For the office sector, there was a pipeline supply of about 1.06 million sq m Gross Floor Area (GFA) of office space from various Government and private land sources.
Of the supply in the pipeline, about 51,000 private residential units and about 960,000 sq m GFA of office space were expected to be completed between 2011 and 2014.
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 2.7% in 4th Quarter 2010, compared with the 2.9% increase in the previous quarter (see Annexes A-1, A-6 & A-7). For the whole of 2010, prices had increased by 17.6%, compared with the 1.8% rise in 2009.
Prices of non-landed properties increased by 1.8% in 4th Quarter 2010, compared with the 1.6% increase in the previous quarter.
For the year 2010 as a whole, prices of non-landed properties increased by 14.0%. Prices of apartments increased by 2.4%, while prices of condominiums increased by 1.6% in 4th Quarter 2010.
Prices of non-landed properties in Core Central Region2 (CCR) increased by 2.2% in 4th Quarter 2010, and prices of non-landed properties in Rest of Central Region3 (RCR) and Outside Central Region (OCR) increased by 1.9% and 2.1% respectively (see Annex A-2).
Prices of landed properties increased by 5.5% in 4th Quarter 2010, compared with 7.7% in the previous quarter. Prices of detached, semi-detached and terrace houses increased by 8.5%, 3.1% and 3.7% respectively in 4th Quarter 2010.
The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view the data on individual uncompleted private residential projects at the following url: http://www.ura.gov.sg/realEstateWeb/price.jsp. The database also provides information on projects with units still available for sale.
Besides the data on developers’ sale of uncompleted units, home-buyers can also access information on all private residential property transactions on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/transaction.jsp. This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units transacted.
Rentals
Rentals of private residential properties4 increased by 2.6% in 4th Quarter 2010, compared with the 3.6% increase in the previous quarter (see Annex A-3). For the year 2010 as a whole, rentals of private residential properties had risen by 17.9%.
Rentals of non-landed properties in CCR, RCR and OCR increased by 2.2%, 3.8% and 3.3% respectively in 4th Quarter 2010 (see Annexes A-3 & A-4).
In addition, URA also released data on the 25th percentile, median and 75th percentile rentals for individual private residential projects for 4th Quarter 20105. The data on the rentals of individual private residential projects are available on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/rental.jsp.
Supply in the Pipeline
As at the end of 4th Quarter 2010, there was a total supply of 65,699 uncompleted units of private housing from projects in the pipeline (see Annex E-1). Of these, 32,776 units were still unsold. These comprised 3,528 units that had been launched for sale by developers and 10,400 units which had the pre-requisite conditions for sale and could be launched for sale immediately. The remaining 18,848 units with planning approvals did not have the pre-requisite conditions for sale (see Annex B-1). Details of the number of unsold private residential units with planning approvals in the 3 market segments are given in Annex B-2.
Of the 65,699 units, 51,078 units were expected to be completed between 2011 and 2014, of which 36,950 units were already under construction8. Developers had obtained planning approvals9 for projects making up the remaining 14,128 units (see Annex E-2).
URA also released detailed data on supply in the pipeline by market segment, development status and expected year of completion at the following url: http://www.ura.gov.sg/real_estate/pipeline_supply. This is to enable the public to have a more comprehensive picture of supply coming on-stream over the next few years in the private housing market. Of the 65,699 uncompleted units of private housing from projects in the pipeline, 20,866 units, 18,501 units and 26,332 units were in CCR, RCR and OCR respectively.
In addition to the supply in the pipeline above, the Government had in Nov 2010 announced the supply of private housing to be made available via the Government Land Sales (GLS) Programme in the 1st Half of 2011 (1H2011) to meet the strong demand for private housing and land for residential developments. This comprises 17 sites that can potentially yield about 8,100 private residential units on the Confirmed List, and 13 sites that can potentially yield about another 6,200 private residential units on the Reserve List. Collectively, the GLS Programme can potentially yield about 14,300 units. This is the highest potential supply quantum from any half yearly GLS Programme since the Confirmed List/Reserve List system started in 2H2001. Most of the sites in the 1H2011 GLS Programmes are located in OCR or locations in RCR where more affordable private housing is expected to be built.
Launches and Take-up
A total of 4,522 uncompleted private residential units were launched for sale by developers in 4th Quarter 2010, compared with 3,501 units in 3rd Quarter 2010. For the year 2010 as a whole, 16,575 units were launched for sale. Of the 4,522 uncompleted units launched in the quarter, 847 units were in CCR, 807 units were in RCR, and 2,868 units were in OCR (see Annex C-1).
Major residential projects launched in the quarter included Waterview at Tampines Avenue 1 (696 units), The Lakefront Residences at Lakeside Drive (560 units out of a total of 629 units), The Tennery at Woodlands Road (338 units), Vacanza @ East at Lengkong Tujoh (remaining 329 units out of a total of 473 units) and Spottiswoode Residences at Spottiswoode Park Road (320 units out of a total of 351 units).
In 4th Quarter 2010, 3,965 uncompleted private residential units were sold by developers, compared with 3,561 units in 3rd Quarter 2010. For the year 2010 as a whole, 15,832 uncompleted private residential units were sold. Of the 3,965 uncompleted units sold in the quarter, 876 units were in CCR, 884 units were in RCR, and 2,205 units were in OCR (see Annex C-2). Developers also sold 276 completed private residential units in 4th Quarter 2010.
Sub-sales
The total number of sub-sales was 569 in 4th Quarter 2010, compared to 837 sub-sales in the previous quarter. In percentage terms, sub-sales accounted for 6.7% of all sale transactions in 4th Quarter 2010, compared to 9.1% in 3rd Quarter 2010. The number of sub-sales in CCR in 4th Quarter 2010 accounted for 9.1% of the property sale transactions in this area in the quarter, compared to 16.3% in the previous quarter. The percentage of sub-sales in 4th Quarter 2010 for RCR, at 8.6%, was lower than the 9.7% in the previous quarter. In OCR, the percentage of sub-sales in 4th Quarter 2010 was 4.6% which was lower than the 6.1% in the previous quarter (see Annex D).
Stock and Vacancy
A total of 2,032 private residential units were completed (granted TOP) in 4th Quarter 2010. Major residential projects completed in the quarter were The Cascadia at Bukit Timah Road (536 units), The Trillium at Kim Seng Road (231 units) and The Orchard Residences at Orchard Boulevard (175 units).
The vacancy rate of completed private residential units decreased from 5.2% as at the end of 3rd Quarter 2010 to 5.0% as at the end of 4th Quarter 2010 (see Annex E-1).
Executive Condominiums
A total of 1,659 uncompleted Executive Condominium (EC) units were launched for sale by developers in 4th Quarter 2010. This was the first time developers launched EC units since 4Q2007 (see Annex F-1). The EC projects launched in the quarter were Prive at Punggol Field (680 units), Esparina Residences at Compassvale Bow (573 units) and The Canopy at Yishun Avenue 11 (406 units). In 4th Quarter 2010, 1,052 uncompleted EC units were sold by developers.
As at the end of 4th Quarter 2010, there were 2,535 Executive Condominium (EC) units in the pipeline. In addition, another 2,300 EC units can come from EC sites that will be released for sale by the Government in the 1st Half of 2011 through both the Confirmed and Reserve Lists of the GLS Programme.
The total stock of completed EC units remained at 10,430 units as at the end of 4th Quarter 2010. As at the end of 4th Quarter 2010, the vacancy rate of completed EC units was 0.5%, lower than the vacancy rate of 0.8% as at the end of the previous quarter (see Annex E-1).
OFFICE SPACE
Rentals
Overall rentals for office space, based on leases which had commenced, increased by 4.7% in 4th Quarter 2010, compared with the increase of 6.0% in 3rd Quarter 2010 (see Annex A-3). For the year 2010 as a whole, rentals of office space had increased by 12.6%.
The median rental for “Category 1”10 office space, based on leases which had commenced, was $8.72 per square foot per month (psf pm) in 4th Quarter 2010, higher than the median rental of $8.45 psf pm in 3rd Quarter 2010. The median rental for “Category 2” office space was $5.29 psf pm in 4th Quarter 2010, higher than the median rental of $5.05 psf pm in 3rd Quarter 2010 (see Annex A-5). As “Category 2”11 office space accounts for about 80% of all office space in Singapore, the rental for such space is more reflective of the typical rental paid by office tenants in Singapore. These statistics were compiled based on IRAS’ records of rental contracts in Singapore where the leases had commenced in 4th Quarter 2010.
The median rentals for “Category 1” and “Category 2” office space based on rental contracts signed in 4th Quarter 2010 were $8.75 and $5.23 psf pm respectively (see Annex A-5). These statistics were compiled based on IRAS’ records of rental contracts which were signed in the reference quarter, regardless of whether or not the leases commenced in the reference quarter12.
Prices
Prices of office space increased by 5.1% in 4th Quarter 2010, compared with the 6.2% increase in the previous quarter (see Annex A-1). For the year 2010 as a whole, prices of office space had risen 18.9%.
Supply in the Pipeline
As at the end of 4th Quarter 2010, there was a total supply of about 1.06 million sq m GFA of office space in the pipeline. Of the total pipeline supply of office space, about 960,000 sq m were expected to be completed between 2011 and 2014. More detailed data on pipeline supply of office space by development status and expected year of completion are at Annex E-1 and E-2.
More supply of office space will also come from the GLS sites which were recently awarded by the Government in 2010. This includes the white site at Jurong Gateway and the white site at Peck Seah Street / Choon Guan Street.
To ensure a steady supply of office space to support the growth of the financial and business services sector, the Ministry of National Development (MND) has announced the inclusion of 2 commercial sites at Robinson Road / Cecil Street and Paya Lebar Road / Eunos Road 8 in the Confirmed List of the 1H2011 GLS Programme. The site at Robinson Road / Cecil Street is scheduled to be launched for sale in June 2011 while the site at Paya Lebar Road / Eunos Road 8 has been launched for sale on 27 January 2011. Both sites will be sold with the requirement to provide a minimum office quantum.
In addition to the supply of office space from the commercial sites in the 1H2011 GLS Programme, more supply of commercial space is also expected from the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by Singapore and Malaysia. These land parcels can potentially yield a combined GFA of about 500,000 sqm, part of which will be for office use.
The Government will also continue to release land parcels in the Marina Bay area at a steady pace via future GLS Programmes to allow the seamless expansion of the CBD and to ensure that there is adequate supply of office space to meet the growing needs of financial and business institutions.
The release of land will be planned in tandem with the on-going infrastructure works in the Marina Bay area, including the construction of the Downtown Line, the extension of the North-South RTS Lines, Marina Coastal Expressway and the Common Services Tunnels. These works will be completed in phases in the next few years.
Apart from office space, as at the end of 4th Quarter 2010, there was a total supply of about 305,000 sq m of business park space from projects in the pipeline from Government and private land sources. Business park space primarily caters to non-pollutive industries and businesses that engage in high-technology, research and development (R&D), high value-added and knowledge-intensive activities. However, some of the business park space could be used for selected office uses such as backroom operations of companies.
Stock and Vacancy
The amount of occupied office space increased by 70,000 sq m (nett) in 4th Quarter 2010, as compared to the increase of 24,000 sq m in the previous quarter. A total of 21,000 sq m of office space were completed (granted TOP) in 4th Quarter 2010. This included office space from Solaris at Fusionopolis Walk (6,200 sq m).
The island-wide vacancy rate of office space was 12.1% as at the end of 4th Quarter 2010, lower than the 13.0% as at the end of 3rd Quarter 2010. The vacancy rate for “Category 1” office space decreased to 14.1% as at the end of 4th Quarter 2010, from 17.2% as at the end of 3rd Quarter 201013. The vacancy rate for “Category 2” office space as at the end of 4th Quarter 2010 was 11.6%, compared to 11.9% as at the end of 3rd Quarter 2010 (see Annex A-5).
SHOP SPACE
Rentals
The overall rentals for shop space in Singapore, based on leases which had commenced, increased by 1.7% in 4th Quarter 2010, compared with the 0.8% increase in 3rd Quarter 2010 (see Annex A-3). For the year 2010 as a whole, rentals of shop space had increased by 2.9%. The median rental for shop space in the Orchard Planning Area (Orchard), Rest of City Area (RCA)14 and Outside City Area (OCA) also increased to $10.43, $6.42 and $5.62 psf pm respectively in 4th Quarter 2010 (see Annex A-5). These statistics were compiled based on IRAS’ records of rental contracts in Singapore where the leases commenced in 4th Quarter 2010.
The median rentals for shop space in Orchard, RCA and OCA based on all rental contracts signed in 4th Quarter 2010, regardless of whether or not the leases commenced in the quarter, were $10.42, $6.62 and $5.60 psf pm respectively (see Annex A-5).
Prices
Prices of shop space increased by 1.4% in 4th Quarter 2010, compared with the increase of 1.3% in the previous quarter (see Annex A-1). For the year 2010 as a whole, prices of shop space had increased by 8.6%.
Supply in the Pipeline
As at the end of 4th Quarter 2010, there was a total supply of 328,000 sq m GFA of shop space from projects in the pipeline, from Government and private land sources. Of the total pipeline supply of shop space, about 295,000 sq m were expected to be completed between 2011 and 2014. More detailed data on pipeline supply of shop space by development status and expected year of completion are at Annex E-1 and E-2.
Stock and Vacancy
The amount of occupied shop space increased by 57,000 sq m (nett) in 4th Quarter 2010, compared with an increase of 6,000 sq m in 3rd Quarter 2010. A total of 49,600 sq m of shop space were completed (granted TOP) in 4th Quarter 2010. This included Nex at Serangoon Central (34,500 sq m).
The island-wide vacancy rate of shop space was 5.8% as at the end of 4th Quarter 2010, compared to vacancy rate of 6.5% as at the end of 3rd Quarter 2010. The vacancy rates for shop space in Orchard, RCA and OCA as at the end of 4th Quarter 2010 were 5.0%, 8.8% and 4.8% respectively. In comparison, the vacancy rates for shop space in Orchard, RCA and OCA as at the end of 3rd Quarter 2010 were 6.3%, 9.3% and 5.4% respectively (see Annex A-5).
INDUSTRIAL SPACE
Prices and Rentals
Prices of multiple-user factory space increased by 6.3% in 4th Quarter 2010, compared with 8.8% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space increased by 3.4%, compared with the increase of 5.3% in the previous quarter (see Annex A-3). For the year 2010 as a whole, prices had increased by 23.7% and rentals had increased by 11.7%.
Supply in the Pipeline
As at the end of 4th Quarter 2010, there was a total supply of 2.67 million sq m GFA of factory space from projects in the pipeline, from Government and private land sources, all of which were expected to be completed between 2011 and 2014. More detailed data on pipeline supply of factory space by development status and expected year of completion are at Annex E-1 and E-2.
Stock and Vacancy
The amount of occupied factory space increased by 178,000 sq m (nett) in 4th Quarter 2010, lower than the increase of 234,000 sq m (nett) in 3rd Quarter 2010. A total of 162,700 sq m of factory space were completed (granted TOP) in 4th Quarter 2010.
The vacancy rate of factory space was 7.2% as at the end of 4th Quarter 2010, compared with 7.5% as at the end of the previous quarter.
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.
Subscribers of REALIS can obtain the information from the system after 12.30 pm today. 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 | Take-up refers to the number of uncompleted private residential units sold by developers. |
| 2 | 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 |
| 3 | Rest of Central Region comprises of the area within Central Region that is outside 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 |
| 4 | URA’s rental data for private residential properties are compiled based on IRAS’ records of rental contracts for such properties where leases commenced in the reference quarter. |
| 5 | The rental data released are for private residential projects where there were at least 10 rental transactions in the reference quarter. |
| 6 | In this press release, supply or projects in the pipeline refers to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP). A WP is a final approval, as compared with a PP, granted under the Planning Act for a proposed development. |
| 7 | Refers to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions. |
| 8 | The expected completion dates of private residential projects in the pipeline are provided by the developers of these projects. |
| 9 | Planning approvals refer to either PP or WP. |
| 10 | Refers to office space in buildings located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area. A map of Central Region showing the locations of Downtown Core and Orchard Planning Areas is available in URA’s website at: http://spring.ura.gov.sg/lad/ore/login/map_central_region.pdf. |
| 11 | Refers to the remaining office space in Singapore which are not included in “Category 1”. |
| 12 | Tenancy agreements for office space are usually signed up to 3 months before lease commencement. The methodology and sample size may differ from those used by some property consultants. For example, URA only uses actual contracted rentals in the computation of the statistics, whereas some property consultants use estimates of achievable rents in addition to actual contracted rentals in the computation of their statistics. |
| 13 | The basket of Category 1 office buildings was reviewed in 3Q2010 to ensure that it remains relevant and in line with market changes, e.g. by including appropriate buildings. |
| 14 | A map of Central Region showing Orchard and RCA is available at http://spring.ura.gov.sg/lad/ore/login/map_city_area.pdf. |
Summary of Key Information for 4th Quarter 2010
| Annex | Title |
| Annex A-1a |
Comparison of Property Price Index for 3rd Quarter 2010 and 4th Quarter 2010 |
| Annex A-1b |
Comparison of Property Price Index for 2009 and 2010 |
| Annex A-2 | Price Indices of Non-Landed Properties by Locality and Completion Status. |
| Annex A-3a | Comparison of Rental Index for 3rd Quarter 2010 and 4th Quarter 2010 |
| Annex A-3b | Comparison of Rental Index for 2009 and 2010 |
| 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 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 2010 |
| Annex E-2 |
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2010 |
| Annex F-1 | Number of Executive Condominium Units Launched and Sold in the Quarter |
| Annex F-2 | Sale Position of Executive Condominium Units with Pre-Requisites for Sale as at End of Quarter |
Topics: 2011, 4th Quarter, Asia, business, CEA, Council for Estate Agencies, dispute resolution, economic development, economic growth, Economy, education, employment, eocnomic recovery, framework, Governance, government, homes, IRAS, jobs, land, licensing, MND, moniter, monitor, news, Pacific, professionalism, public services, real estate, real estate industry, Real Estate Statistics, regulatory framework, Singapore, Singapore Mediation Centre, society, statutory board, URA, Urban Redevelopment Authority
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