Singapore Private Residential Update – 4Q 2015

The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2015.

At a Glance:

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Sale Prices

Prices of private residential properties decreased by 0.5% in 4th Quarter 2015, compared to the 1.3% decline in the previous quarter. For the whole of 2015, prices fell by 3.7%, compared with the 4.0% decline in 2014.

Prices of landed properties declined by 1.8%, compared to the 0.4% decline in the previous quarter. For the whole of 2015, prices of landed properties declined by 4.1%.

 

Rental Prices

Rentals of private residential properties fell 1.3% in 4th Quarter 2015, compared to the 0.6% decline in the previous quarter. For the whole of 2015, rentals of private residential properties fell by 4.6%.

Rentals of landed properties declined by 2.3%, compared with the 0.1% decline in the previous quarter.  For the whole of 2015, rentals of landed properties fell by 4.5%.

 

New Launches and Take Up

Developers launched 1,333 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 4th Quarter 2015, compared to the 2,435 units in 3rd Quarter 2015.  For the whole of 2015, developers had launched 7,056 units, compared with 7,693 units in 2014.

Developers sold 1,603 private residential units (excluding ECs) in 4th Quarter 2015, compared to the 2,410 units sold in 3rd Quarter 2015.  For the whole of 2015, developers sold 7,440 units, compared with 7,316 units in 2014.

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Number of private housing units launched and sold by developers (excluding ECs)

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Resale and Subsale

There were 1,464 resale transactions in 4th Quarter 2015, compared to the 1,619 units transacted in the previous quarter. Resale transactions accounted for 45.8% of all sale transactions in 4th Quarter 2015, compared to the 38.9% in 3rd Quarter 2015. For the whole of 2015, there were a total of 6,160 resale transactions, compared to the 4,964 transactions in 2014.

There were 132 sub-sale transactions in 4th Quarter 2015, compared to the 130 units transacted in 3rd Quarter 2015. Sub-sales accounted for 4.1% of all sale transactions in 4th Quarter 2015, compared to the 3.1% in 3rd Quarter 2015. For the whole of 2015, there were a total of 517 sub-sale transactions, compared with 567 transactions in 2014.

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Supply in the Pipeline

As at the end of 4th Quarter 2015, there was a total supply of 55,6383 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 58,348 units in 3rd Quarter 2015. Of this number, 23,271 units remained unsold as at 4th Quarter 2015. After adding the supply of 14,127 EC units in the pipeline, there were 69,765 units in the pipeline. Of the EC units in the pipeline, 6,744 units remained unsold.

Based on the expected completion dates reported by developers, 26,467 units (including ECs) will be completed in 2016.  Another 17,234 units (including ECs) will be completed in 2017. In comparison, 22,267 units (including ECs) were completed in 2015.

Pipeline supply of private residential units and ECs by expected year of completion

 

Stock and Vacancy

The stock of completed private residential units (excluding ECs) increased by 5,299 units in 4th Quarter 2015. The vacancy rate of completed private residential units (excluding ECs) increased to 8.1% at the end of 4th Quarter 2015, from 7.8% at the end of 3rd Quarter 2015.

Stock and vacancy of private residential units (excluding ECs)

 

More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS), an online database of URA.

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