The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2012.
PRIVATE RESIDENTIAL PROPERTIES
Prices and Rentals
Prices of private residential properties increased by 0.4% in 2nd Quarter 2012, compared to the 0.1% decrease in the previous quarter.
Prices of non-landed properties in Core Central Region (CCR)1 and Rest of Central Region (RCR) increased by 0.6% and 0.4% respectively in 2nd Quarter 2012, compared to the decrease of 0.6% for both market segments in the previous quarter. For Outside Central Region (OCR), prices increased at a slower pace of 0.5% in 2nd Quarter 2012, compared to the increase of 1.1% in the previous quarter (see Annexes A-1, A-2 & A-62).
Rentals of private residential properties increased by 0.3% in 2nd Quarter 2012, the same rate of increase as in the previous quarter (see Annexes A-3 & A-4).
Launches and Take-up
A total of 6,115 uncompleted private residential units were launched for sale by developers in 2nd Quarter 2012, compared with 6,903 units in 1st Quarter 2012 (see Annex C-1).
5,402 private residential units (both completed and uncompleted) were sold by developers in 2nd Quarter 2012, compared with 6,526 units in 1st Quarter 2012. Most of the units, close to 70%, sold by developers were from OCR in 2nd Quarter 2012 (see Annex C-2). Take-up of shoe-box units (i.e. smaller than 50 sqm) accounted for 19% (or 1,038 units) of new sales in the quarter, less than the 27% in the previous quarter (see Annex C-3). Lower-priced units less than $750,000 accounted for 27% (or 1,435 units) of new sales in 2nd Quarter 2012, lower than the 42% (or 2,766 units) seen last quarter (see Annex C-3).
Resales and Sub-sales
The volume of resale transactions increased significantly from 2,206 units in 1st Quarter 2012 to 3,487 units in 2nd Quarter 2012. Resale transactions accounted for 37% of all sales in 2nd Quarter 2012, higher than the 24% in the previous quarter (see Annex D).
Sub-sales accounted for 6% of all sale transactions in 2nd Quarter 2012, higher than the 5% recorded in 1st Quarter 2012 (see Annex D).
Supply in the Pipeline
As at the end of 2nd Quarter 2012, there was a total supply of 83,251 uncompleted private residential units from projects in the pipeline3, higher than the 78,572 units in 1st Quarter 20124 (see Annexes E-1 & E-25). The pipeline supply of 83,251 units was the highest ever recorded since such data were first available in 1999.
Of the supply in the pipeline, 38,175 units remained unsold as at 2nd Quarter 2012. The unsold units comprised 12,124 units in CCR, 8,618 units in RCR and 17,433 units in OCR (see Annexes B-1 & B-2).
Stock and Vacancy
The stock of completed private residential units increased by 2,130 units in 2nd Quarter 2012. The vacancy rate of completed private residential units decreased slightly from 6.0% as at the end of 1st Quarter 2012 to 5.9% as at the end of 2nd Quarter 2012 (see Annex E-1).
Executive Condominiums
The total stock of completed Executive Condominium (EC) units remained unchanged at 10,430 units as at the end of 2nd Quarter 2012. There were 7,539 EC units in the pipeline (see Annex E-1).
Developers launched 1,081 new EC units for sale in 2nd Quarter 2012 (see Annex F). Developers sold 869 EC units in 2nd Quarter 2012, compared with 1,557 units sold in 1st Quarter 2012.
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 fromhttp://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.
Source: URA - 27 July 2012