eng81157
26-07-13, 09:39
Release of 2nd Quarter 2013 real estate statistics by URA
PRIVATE RESIDENTIAL PROPERTIES
Prices and Rentals
Prices of private residential properties increased by 1.0% in 2nd Quarter 2013, compared with the 0.6% price growth recorded in 1st Quarter 2013.
Prices of non-landed properties in the Core Central Region (CCR) declined by 0.2%, compared with the 0.6% increase in the previous quarter. In the Rest of Central Region (RCR), prices increased by 0.2%, which is the same rate of increase as in the previous quarter. Prices in the Outside Central Region (OCR) increased by 3.8%, compared with 1.4% in the previous quarter
Rentals of private residential properties increased by 0.3% in 2nd Quarter 2013, which is significantly lower than the 0.8% increase in 1st Quarter 2013
Launches and Take-up
Developers launched 4,395 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2013, fewer than the 5,546 units in 1st Quarter 2013.
Developers sold 4,538 private residential units in 2nd Quarter 2013, lower than the 5,412 units sold in 1st Quarter 2013.
1,071 new EC units were launched for sale in 2nd Quarter 2013. Developers sold 932 EC units in 2nd Quarter 2013, compared with the 725 units sold in 1st Quarter 2013.
Resales and Sub-sales
The volume of resale transactions decreased from 2,005 units in 1st Quarter 2013 to 1,982 units in 2nd Quarter 2013. As a proportion of all sale transactions, resale transactions rose marginally from 25.7% in 1st Quarter 2013 to 29.1% in the 2nd Quarter.
Sub-sales accounted for 4.2% of all sale transactions in 2nd Quarter 2013, lower than the 5.0% recorded in 1st Quarter 2013
Supply in the Pipeline
As at the end of 2nd Quarter 2013, there was a total supply of 87,7893 uncompleted private residential units in the pipeline, slightly lower than the 88,623 units in 1st Quarter 20134. Of this number, 33,255 units remained unsold as at 2nd Quarter 2013 (see Annexes B-1 & B-2). There was an additional supply of 12,449 EC units in the pipeline. Altogether, there were 100,238 units in the pipeline supply.
In addition, another 12,329 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 2nd Quarter 2013, as well as Confirmed List sites from the 1H2013 and 2H2013 GLS Programme that had not yet been awarded. If these units are included, there will be close to 112,600 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.
Based on expected completion dates reported by developers, 11,998 units (including ECs) will be completed in the second half of 2013. Another 21,235 units (including ECs) are expected to be completed in 2014.
Stock and Vacancy
The stock of completed private residential units increased by 2,704 units in 2nd Quarter 2013. The vacancy rate of completed private residential units increased from 5.2% at the end of 1st Quarter 2013 to 5.6% at the end of 2nd Quarter 2013.
OFFICE SPACE
Prices and Rentals
Prices of office space rose 1.5% in 2nd Quarter 2013, slightly lower than the 2.1% increase in the previous quarter. Rentals of office space rose marginally by 0.2% in 2nd Quarter 2013, after declining 0.2% in 1st Quarter 2013
Supply in the Pipeline
At the end of 2nd Quarter 2013, there was a total supply of about 1.149 million sq m GFA of office space in the pipeline
Stock and Vacancy
The amount of occupied office space increased by 19,000 sq m (nett) in 2nd Quarter 2013, compared to the 25,000 sq m (nett) increase in the previous quarter. On the other hand, the stock of office space decreased by 18,000 sq m (nett) in 2nd Quarter 2013, compared to the increase of 16,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd Quarter 2013 decreased to 8.8%, from 9.2% at the end of 1st Quarter 2013
SHOP SPACE
Prices and Rentals
Prices of shop space increased by 1.7% in 2nd Quarter 2013, lower than the 2.1% increase in the previous quarter (see Annex A-1). Rentals for shop space declined by 0.8% in 2nd Quarter 2013, following the 0.6% decrease in 1st Quarter 2013
Supply in the Pipeline
At the end of 2nd Quarter 2013, there was a total supply of 598,000 sq m GFA of shop space from projects in the pipeline
Stock and Vacancy
The amount of occupied shop space increased by 32,000 sq m (nett) in 2nd Quarter 2013. The stock of shop space increased by 44,000 sq m (nett) in 2nd Quarter 2013. As a result, the island-wide vacancy rate of shop space rose to 5.8% at the end of 2nd Quarter 2013, from 5.5% at the end of 1st Quarter 2013
INDUSTRIAL SPACE
Prices and Rentals
Prices of multiple-user factory space increased by 0.5% in 2nd Quarter 2013, representing a significant moderation from the 2.9% increase in the previous quarter. Rentals of multiple-user factory space increased by 0.1% in 2nd Quarter 2013, lower than the 0.4% increase previously
.
Supply in the Pipeline
As at the end of 2nd Quarter 2013, there was a total supply of 4.436 million sq m GFA of factory space from projects in the pipeline
Stock and Vacancy
The amount of occupied factory space increased by 139,000 sq m (nett) in 2nd Quarter 2013, higher than the increase of 83,000 sq m (nett) in 1st Quarter 2013. On the other hand, the stock of factory space increased by 385,000 sq m (nett) in 2nd Quarter 2013, higher than the increase of 100,000 sq m (nett) in 1st Quarter 2013. The vacancy rate of factory space increased from 7.0% at the end of 1st Quarter 2013 to 7.6% at the end of 2nd Quarter 2013
PRIVATE RESIDENTIAL PROPERTIES
Prices and Rentals
Prices of private residential properties increased by 1.0% in 2nd Quarter 2013, compared with the 0.6% price growth recorded in 1st Quarter 2013.
Prices of non-landed properties in the Core Central Region (CCR) declined by 0.2%, compared with the 0.6% increase in the previous quarter. In the Rest of Central Region (RCR), prices increased by 0.2%, which is the same rate of increase as in the previous quarter. Prices in the Outside Central Region (OCR) increased by 3.8%, compared with 1.4% in the previous quarter
Rentals of private residential properties increased by 0.3% in 2nd Quarter 2013, which is significantly lower than the 0.8% increase in 1st Quarter 2013
Launches and Take-up
Developers launched 4,395 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2013, fewer than the 5,546 units in 1st Quarter 2013.
Developers sold 4,538 private residential units in 2nd Quarter 2013, lower than the 5,412 units sold in 1st Quarter 2013.
1,071 new EC units were launched for sale in 2nd Quarter 2013. Developers sold 932 EC units in 2nd Quarter 2013, compared with the 725 units sold in 1st Quarter 2013.
Resales and Sub-sales
The volume of resale transactions decreased from 2,005 units in 1st Quarter 2013 to 1,982 units in 2nd Quarter 2013. As a proportion of all sale transactions, resale transactions rose marginally from 25.7% in 1st Quarter 2013 to 29.1% in the 2nd Quarter.
Sub-sales accounted for 4.2% of all sale transactions in 2nd Quarter 2013, lower than the 5.0% recorded in 1st Quarter 2013
Supply in the Pipeline
As at the end of 2nd Quarter 2013, there was a total supply of 87,7893 uncompleted private residential units in the pipeline, slightly lower than the 88,623 units in 1st Quarter 20134. Of this number, 33,255 units remained unsold as at 2nd Quarter 2013 (see Annexes B-1 & B-2). There was an additional supply of 12,449 EC units in the pipeline. Altogether, there were 100,238 units in the pipeline supply.
In addition, another 12,329 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 2nd Quarter 2013, as well as Confirmed List sites from the 1H2013 and 2H2013 GLS Programme that had not yet been awarded. If these units are included, there will be close to 112,600 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.
Based on expected completion dates reported by developers, 11,998 units (including ECs) will be completed in the second half of 2013. Another 21,235 units (including ECs) are expected to be completed in 2014.
Stock and Vacancy
The stock of completed private residential units increased by 2,704 units in 2nd Quarter 2013. The vacancy rate of completed private residential units increased from 5.2% at the end of 1st Quarter 2013 to 5.6% at the end of 2nd Quarter 2013.
OFFICE SPACE
Prices and Rentals
Prices of office space rose 1.5% in 2nd Quarter 2013, slightly lower than the 2.1% increase in the previous quarter. Rentals of office space rose marginally by 0.2% in 2nd Quarter 2013, after declining 0.2% in 1st Quarter 2013
Supply in the Pipeline
At the end of 2nd Quarter 2013, there was a total supply of about 1.149 million sq m GFA of office space in the pipeline
Stock and Vacancy
The amount of occupied office space increased by 19,000 sq m (nett) in 2nd Quarter 2013, compared to the 25,000 sq m (nett) increase in the previous quarter. On the other hand, the stock of office space decreased by 18,000 sq m (nett) in 2nd Quarter 2013, compared to the increase of 16,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 2nd Quarter 2013 decreased to 8.8%, from 9.2% at the end of 1st Quarter 2013
SHOP SPACE
Prices and Rentals
Prices of shop space increased by 1.7% in 2nd Quarter 2013, lower than the 2.1% increase in the previous quarter (see Annex A-1). Rentals for shop space declined by 0.8% in 2nd Quarter 2013, following the 0.6% decrease in 1st Quarter 2013
Supply in the Pipeline
At the end of 2nd Quarter 2013, there was a total supply of 598,000 sq m GFA of shop space from projects in the pipeline
Stock and Vacancy
The amount of occupied shop space increased by 32,000 sq m (nett) in 2nd Quarter 2013. The stock of shop space increased by 44,000 sq m (nett) in 2nd Quarter 2013. As a result, the island-wide vacancy rate of shop space rose to 5.8% at the end of 2nd Quarter 2013, from 5.5% at the end of 1st Quarter 2013
INDUSTRIAL SPACE
Prices and Rentals
Prices of multiple-user factory space increased by 0.5% in 2nd Quarter 2013, representing a significant moderation from the 2.9% increase in the previous quarter. Rentals of multiple-user factory space increased by 0.1% in 2nd Quarter 2013, lower than the 0.4% increase previously
.
Supply in the Pipeline
As at the end of 2nd Quarter 2013, there was a total supply of 4.436 million sq m GFA of factory space from projects in the pipeline
Stock and Vacancy
The amount of occupied factory space increased by 139,000 sq m (nett) in 2nd Quarter 2013, higher than the increase of 83,000 sq m (nett) in 1st Quarter 2013. On the other hand, the stock of factory space increased by 385,000 sq m (nett) in 2nd Quarter 2013, higher than the increase of 100,000 sq m (nett) in 1st Quarter 2013. The vacancy rate of factory space increased from 7.0% at the end of 1st Quarter 2013 to 7.6% at the end of 2nd Quarter 2013