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Continued from
FrontPage of Article
Supply in the Pipeline
As at the end of 1st Quarter 2008, there was a total supply of
67,736 uncompleted units of private housing from projects in the
pipeline[5] (see Annex E). Of these, 42,685 units were still unsold.
These comprised 2,526 units that had been launched for sale by
developers and 10,239 units which had the pre-requisite conditions
for sale and could be launched for sale immediately. The remaining
29,920 units with planning approvals did not have the pre-requisite
conditions for sale. However, the pre-requisite approvals for sale,
i.e. sale license from the Controller of Housing and Building Plan
approval from the Building and Construction Authority (BCA) could be
obtained quite quickly and these units could be made available for
sale quite soon, if the developers choose to do so[6] (see Annex B-1).
Of the 67,736 units, 56,501 units are expected to be completed
between the 2nd Quarter 2008 and 2011, of which 29,685 units are
already under construction[7]. Details of the supply in the pipeline
in the 3 locations are given in Annex B-2.
In addition, supply will also come from the sites made available by
the Government in the 1st Half 2008 Government Land Sales (GLS)
Programme, which can yield about 8,250 new units. Actual supply will
depend on market demand as the majority of the sites are made
available through the reserve list. When sold, the supply from these
sites can be made available for sale within the next one year or so.
Apart from the additional supply from GLS sites, there will also be
additional supply from new private residential developments on
private land which will be coming in for planning approval,
including those on sites where the existing developments have been
sold en-bloc. This will further increase the number of units that
can be made available for sale in the next few years.
Launches and Take-up
A total of 1,343 uncompleted private residential units were launched
for sale by developers in the 1st Quarter 2008, compared with the
1,686 units launched in the 4th Quarter 2007. Of the 1,343
uncompleted units launched in the quarter, 246 units were in CCR,
284 units were in RCR, and 813 units were in OCR (see Annex C-1).
Major residential projects launched in the quarter included The
Quartz at Buangkok Drive/Compassvale Bow/Sengkang Central (265 units
out of a total of 625 units), Waterfront Waves at Bedok Reservoir
Road (180 units out of a total of 405 units) and Blu Coral at Lorong
L Telok Kurau (56 units out of a total of 79 units).
During the 1st Quarter 2008, 730 uncompleted private residential
units were sold by developers, compared with the 1,397 units sold in
the 4th Quarter 2007. Of the 730 uncompleted units sold in the
quarter, 219 units were in CCR, 201 units were in RCR, and 310 units
were in OCR (see Annex C-2). Developers also sold 32 completed
private residential units in the 1st Quarter 2008.
Sub-sales
The total number of sub-sales fell to 346 in 1st Quarter 2008,
compared to 649 sub-sales in the previous quarter. In percentage
terms, sub-sales accounted for 11.3% of all sale transactions in the
1st Quarter 2008, compared to 12.1% in the 4th Quarter 2007. The
number of sub-sales in CCR in the 1st Quarter 2008 accounted for
20.8% of the property sale transactions in this area in the quarter,
compared to 21.4% in the previous quarter. The percentage of
sub-sales in the 1st Quarter 2008 for RCR, at 12.8%, was lower than
the 13.5% in the previous quarter. The percentage of sub-sales in
OCR in 1st Quarter 2008 was 6.4%, slightly higher than the 6.1% in
the previous quarter (see Annex D).
Stock and Vacancy
A total of 2,689 private residential units were completed (granted
TOP) in the 1st Quarter 2008. Major residential projects completed
in the quarter were Varsity Park Condominium at West Coast Road (530
units), Park Infinia at Wee Nam at Lincoln Road (486 units) and The
Lakeshore at Jurong West Street 41 (remaining 334 units out of a
total of 848 units).
The vacancy rate of completed private residential units was 6.3% as
at the end of 1st Quarter 2008, compared with 5.6% as at the end of
the previous quarter (see Annex E).
Executive Condominiums
As at the end of 1st Quarter 2008, there were 221 units of Executive
Condominiums (EC) in the pipeline, all of which were under
construction. All the 221 units had been issued with sale licenses
and building plan approvals (i.e. pre-requisites for sale) and had
been launched for sale. Of these, 218 units had been sold (see Annex
F-2).
The total stock of completed EC units increased to 10,209 units as
at the end of 1st Quarter 2008, following the completion of La Casa
at Woodlands Drive 16 (223 units of a total of 444 units). As at the
end of 1st Quarter 2008, the vacancy rate was 2.8%, compared with
the vacancy rate of 1.0% as at the end of the previous quarter (see
Annex E ).
OFFICE SPACE
Rentals
The rate of increase in the rentals of office space in Singapore
continued to moderate in the 1st Quarter 2008. Overall rentals for
office space, based on leases which had commenced, increased by 7.3%
in the 1st Quarter 2008, compared with the 10.9% in the 4th Quarter
2007 (see Annex A-3).
The median rental for “Category 1”[8] office space, based on leases
which had commenced, was S$13.10 per square foot per month (psf pm)
in the 1st Quarter 2008, compared to the median rental of S$12.18
psf pm in the 4th Quarter 2007. In comparison, the median rental for
“Category 2”[9] office space was S$6.08 psf pm in the 1st Quarter
2008, compared to the S$5.68 psf pm in the 4th Quarter 2007 (see
Annex A-5). As shown, the rentals for “Category 2” office space were
much lower than “Category 1” office space. As “Category 2” 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 the 1st Quarter 2008.
The median rentals for “Category 1” and “Category 2” office space
based on rental contracts signed in the 1st Quarter 2008 were
S$14.33 and S$6.26 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 quarter[10].
Prices
Prices of office space also rose at a more moderate pace, by 1.1% in
the 1st Quarter 2008, compared with the 8.0% increase in the
previous quarter (see Annex A-1).
Supply in the Pipeline
As at the end of the 1st Quarter 2008, there was a total supply of
about 1.49 million sq m GFA of office space in the pipeline. This
includes the new office space from the redevelopment of former UIC
Building (79,900 sq m) and former SPI Building (32,000 sq m), both
of which were granted planning approval for development in 1st
Quarter 2008, and the office space that will be built on awarded GLS
and transitional office sites as well as vacant State properties to
be converted for office use. The awarded GLS sites include Marina
Bay Financial Centre (Phase 1 and 2) (325,000 sq m), Marina View
Land Parcel A and B (207,000 sq m), South Beach at Beach Road /
Middle Road (71,000 sq m) and 2 sites at Anson Road (59,000 sq m).
The awarded transitional office sites are those at Scotts Road,
Tampines Concourse and Mountbatten Road which in total can generate
about 44,000 sqm of transitional office space. The vacant State
properties which have been awarded for office use but are still
under refurbishment or renovation, such as former Haig Boys' School
at Mountbatten Road, can generate about 24,000 sq m of office space
in total. Of the total pipeline supply of office space, about 1.11
million sq m were expected to be completed between 2nd Quarter 2008
and 2011.
In addition, about 500,000 sq m of commercial space[11], most of which
can be for office use, could come from sites to be made available
via the 1st Half 2008 GLS Programme as well as from new transitional
office sites and vacant State properties that will be made available
in the coming months. These sites will be tendered out and developed
according to market demand.
Apart from office space, as at the end of the 1st Quarter 2008,
there was a total supply of 435,000 sq m of business park space from
projects in the pipeline[12] from Government and private land sources
which were expected to be completed between 2nd Quarter 2008 and
2011. This includes 96,480 sq m of business park space from business
park developments at Changi Business Park, International Business
Park and Science Park which were granted planning approval for
development in the 1st Quarter 2008. Business park space can meet
the office needs of some firms, e.g. backroom operations of
companies.
Stock and Vacancy
The amount of occupied office space increased by 26,000 sq m (nett)
in the 1st Quarter 2008, higher than the increase of 12,000 sq m in
the 4th Quarter 2007. A total of 33,800 sq m of office space were
completed (granted TOP) in the 1st Quarter 2008. This includes the
newly completed office space at The Central at Eu Tong Sen Street
(13,400 sq m), VisionCrest at Penang Road (13,000 sq m) and Pan
Pacific Serviced Suites at Somerset Road (5,500 sq m).
The island-wide vacancy rate of office space was 7.7% as at the end
of 1st Quarter 2008, higher than the 7.3% as at the end of 4th
Quarter 2007. The vacancy rate for “Category 1” office space as at
the end of 1st Quarter 2008 was 2.8%, compared to the 2.1% as at the
end of 4th Quarter 2007. The vacancy rate for “Category 2” office
space as at the end of 1st Quarter 2008 was 8.9%, compared to the
8.4% as at the end of 4th Quarter 2007 (see Annex A-5).
SHOP SPACE
Rentals
The overall rentals for shop space in Singapore, based on leases
which had commenced, increased by 1.0% in the 1st Quarter 2008,
compared with the 0.6% increase in the 4th Quarter 2007 (see Annex
A-3). The median rental for shop space in the Orchard Planning Area
(Orchard), Rest of City Area (RCA)[13] and Outside City Area (OCA)
were S$10.41, S$6.60 and S$5.50 psf pm respectively in the 1st
Quarter 2008 (see Annex A-5). These statistics were compiled based
on IRAS’ records of rental contracts in Singapore where the leases
commenced in the 1st Quarter 2008.
The median rentals for shop space in Orchard, RCA and OCA based on
all rental contracts signed in the 1st Quarter 2008, regardless of
whether or not the leases commenced in the quarter, were S$10.38,
S$6.78 and S$5.52 psf pm respectively (see Annex A-5).
Prices
Prices of shop space rose at a more moderate pace, by 2.6% in the
1st Quarter 2008, compared with the 3.4% increase in the previous
quarter (see Annex A-1).
Supply in the Pipeline
As at the end of the 1st Quarter 2008, there was a total supply of
578,000 sq m GFA of shop space from projects in the pipeline[14], from
Government and private land sources. This includes the shop space
from new projects which were granted planning approval for
development in the 1st Quarter 2008 such as a shopping development
(former Yen San Building) at Orchard Road (11,360 sq m). Of the
total pipeline supply of shop space, about 565,000 sq m were
expected to be completed between 2nd Quarter 2008 and 2011.
Stock and Vacancy
The amount of occupied shop space increased by 16,000 sq m (nett) in
the 1st Quarter 2008, compared with an increase of 1,000 sq m in the
4th Quarter 2007. A total of 13,600 sq m of shop space were
completed (granted TOP) in the 1st Quarter 2008. This includes the
newly completed shop space at Fusionopolis at Ayer Rajah Avenue
(7,000 sq m) and the Singapore Flyer at Raffles Avenue (1,400 sq m).
The vacancy rate of shop space was 6.4% as at the end of 1st Quarter
2008, compared with 7.2% as at the end of 4th Quarter 2007. The
vacancy rates for shop space in Orchard, RCA and OCA as at the end
of 1st Quarter 2008 were 3.3%, 7.3% and 6.6% respectively. In
comparison, the vacancy rates for shop space in Orchard, RCA and OCA
as at the end of 4th Quarter 2007 were 4.3%, 7.8% and 7.4%
respectively (see Annex A-5).
INDUSTRIAL SPACE
Prices and Rentals
Prices of multiple-user factory space rose 3.9% in the 1st Quarter
2008, compared with the 6.2% increase in the previous quarter (see
Annex A-1). Rentals of multiple-user factory space increased by
5.1%, compared with the 8.7% increase in the previous quarter (see
Annex A-3).
Supply in the Pipeline
As at the end of the 1st Quarter 2008, there was a total supply of
3.26 million sq m GFA of factory space from projects in the
pipeline[15], from Government and private land sources, all of which
were expected to be completed between 2nd Quarter 2008 and 2011.
Stock and Vacancy
The amount of occupied factory space increased by 287,000 sq m (nett)
in the 1st Quarter 2008, higher than the increase of 126,000 sq m in
the 4th Quarter 2007. A total of 333,700 sq m of factory space were
completed (granted TOP) in the 1st Quarter 2008.
The vacancy rate of factory space declined by 0.6 percentage point
to 7.6% as at the end of 1st Quarter 2008.
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 properties
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 |
Core Central Region comprises Postal Districts 9, 10, 11,
Downtown Core Planning Area and Sentosa. |
| 2 |
Rest of Central
Region comprises the area within Central Region that is
outside postal districts 9, 10, 11, Downtown Core Planning
Area and Sentosa. |
| 3 |
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. |
| 4 |
The rental data
released are for private residential projects where there were
at least 10 rental transactions in the reference quarter.
|
| 5 |
Refers to
uncompleted projects that have been granted planning approval
(i.e. Provisional Permission or Written Permission).
|
| 6 |
Sale licenses
could be obtained within 9 days and building plan approvals
could be obtained within 7 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. |
| 7 |
The expected
completion dates of private residential projects in the
pipeline are declared by the developers of these projects, and
not estimated by URA. |
| 8 |
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://www.ura.gov.sg/. |
| 9 |
Refers to the
remaining office space in Singapore which are not included in
“Category 1”. |
| 10 |
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. |
| 11 |
Potentially all
commercial space within the commercial and white sites in the
GLS programme could be developed for office use although other
complementary uses such as retail is allowed. |
| 12 |
Refers to
projects with planning approvals (i.e. Provisional Permission,
Written Permission). |
| 13 |
A map of
Central Region showing Orchard and RCA is available at
http://spring.ura.gov.sg/lad/ore/login/map_city_area.pdf. |
| 14 |
Refers to
projects with planning approvals (i.e. Provisional Permission,
Written Permission). |
| 15 |
Refers to
projects with planning approvals (i.e. Provisional Permission,
Written Permission). |
Annex Title
Annex A-1 Comparison Of Property Price
Index for 4Q/07 and 1Q/08
Annex A-2 Price Indices Of Non-Landed
Properties By Locality And Completion Status
Annex A-3 Comparison Of Rental Index For
4Q/07 And 1Q/08
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 Summary of Key Information for 1st
Quarter 2008
Stock & Vacancy and Supply in the Pipeline
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
Source:
www.ura.gov.sg News Release 25
Apr 2008
|
Release of 1st quarter 2008 real
estate statistics
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