Ravi Chandran
The Urban Redevelopment Authority (URA) on Jan 23, released the 4th Quarter 2019 real estate statistics.
4TH QUARTER 2019 REAL ESTATE STATISTICS FOR PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals according to 4th Quarter 2019 real estate statistics
Prices of private residential properties increased by 0.5% in 4th Quarter 2019, compared with the 1.3% increase in the previous quarter. For the whole of 2019, prices of private residential properties increased by 2.7%, compared with the 7.9% increase in 2018.
Prices of landed properties increased by 3.6% in 4th Quarter 2019, compared with 1.0% increase in the previous quarter. Prices of non-landed properties decreased by 0.3% in 4th Quarter 2019, compared with the 1.3% increase in the previous quarter. For the whole of 2019, prices of landed properties rose by 5.7% while those of non-landed properties rose by 1.9%.
Prices of non-landed properties in Core Central Region (CCR) decreased by 2.8% in 4th Quarter 2019, compared with the 2.0% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 1.3%, compared with the 1.3% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 2.8%, compared with the 0.8% increase in the previous quarter. For the whole of 2019, prices of non-landed properties in CCR decreased by 1.7%, while prices in RCR and OCR increased by 2.8% and 4.2% respectively.
Rentals of private residential properties decreased by 1.0% in 4th Quarter 2019, compared with the 0.1% increase in the previous quarter. For the whole of 2019, rentals of private residential properties increased by 1.4% compared with the 0.6% increase in 2018.
Rentals of landed properties decreased by 1.6% in 4th Quarter 2019, compared with the 2.3% decrease in the previous quarter. Rentals of non-landed properties decreased by 0.9%, compared with the 0.4% increase in the previous quarter. For the whole of 2019, rentals of landed properties decreased by 3.4% while rentals of non-landed properties increased by 1.9%.
Rentals of non-landed properties in CCR decreased by 1.0%, compared with the 0.7% decrease in the previous quarter. Rentals in RCR decreased by 0.7%, compared with the 1.6% increase in the previous quarter. Rentals in OCR decreased by 1.0%, compared with the 0.8% increase in the previous quarter. For the whole of 2019, rentals of non-landed properties increased by 1.4%, 2.0% and 2.7% in CCR, RCR and OCR respectively.
Launches and Take-up according to 4th Quarter 2019 real estate statistics
Developers launched 2,226 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2019, compared with 3,628 units in the previous quarter. For the whole of 2019, developers launched 11,345 uncompleted private residential properties, compared with the 8,769 units in the previous year.
Developers sold 2,443 private residential units (excluding ECs) in 4th Quarter 2019, compared with the 3,281 units sold in the previous quarter. For the whole of 2019, developers sold 9,912 private residential units, compared with the 8,795 units in the previous year.
Developers did not launch any EC units for sale in 4th Quarter 2019. However, 59 EC units were sold in the quarter. In comparison, developers launched 820 EC units and sold 426 EC units in the previous quarter. For the whole of 2019, developers launched 820 EC units and sold 505 EC units, compared with the 628 units launched and 1,136 units sold in 2018.
Resales and Sub-sales according to 4th Quarter 2019 real estate statistics
There were 2,342 resale transactions in 4th Quarter 2019, compared with the 2,378 units transacted in the previous quarter. Resale transactions accounted for 48.0% of all sale transactions in 4th Quarter 2019, compared with 41.3% in the previous quarter. For the whole of 2019, there were 8,949 resale transactions, compared with the 13,009 resale transactions in 2018.
There were 93 sub-sale transactions in 4th Quarter 2019, compared with the 104 units transacted in the previous quarter. Sub-sales accounted for 1.9% of all sale transactions in 4th Quarter 2019, compared with 1.8% in the previous quarter. For the whole of 2019, there were 289 sub-sale transactions, compared with the 335 sub-sale transactions in 2018.
Supply in the Pipeline according to 4th Quarter 2019 real estate statistics
As at the end of 4th Quarter 2019, there was a total supply of 49,173 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, compared with the 50,964 units in the previous quarter. Of this number, 30,162 units remained unsold as at the end of 4th Quarter 2019, compared with the 31,948 units in the previous quarter.
After adding the supply of 3,192 EC units in the pipeline, there were 52,365 units in the pipeline with planning approvals. Of the EC units in the pipeline, 2,110 units remained unsold. In total, 32,272 units with planning approvals (including ECs) remained unsold, down from 34,089 units in the previous quarter and 35,649 units a year ago.
Based on the expected completion dates reported by developers, 6,922 units (including ECs) will be completed in 2020. Another 10,579 units (including ECs) will be completed in 2021.
Apart from the 32,272 unsold units (including ECs) with planning approval as at the end of 4th Quarter 2019, there is a potential supply of 6,050 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet. These comprise (a) about 5,500 units from awarded GLS sites and Confirmed List sites that have not been awarded yet, and (b) about 550 units from transacted en-bloc sale sites.
Stock and Vacancy according to 4th Quarter 2019 real estate statistics
The stock of completed private residential units (excluding ECs) increased by 1,476 units in 4th Quarter 2019, compared with the increase of 278 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 3,816 units in 4th Quarter 2019, compared with the increase of 1,095 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 5.5% as at the end of 4th Quarter 2019, from 6.1% in the previous quarter.
Vacancy rates of completed private residential properties as at the end of 4th Quarter 2019 in CCR, RCR and OCR were 6.9%, 5.8% and 4.7% respectively, compared with the 8.2%, 6.0% and 5.3% in the previous quarter.
