Private residential statistics 3Q14 – Singapore property for sale
Prices of private residential properties decreased by 0.7% in 3rd Quarter 2014, following the 1.0% decline in the previous quarter. This was the fourth straight quarter of price decline. Singapore property for sale.
Price decline was observed across all segments of the private residential property market. Prices of non-landed properties in the Core Central Region (CCR) declined by 0.8%, following the 1.5% decrease in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 0.4%, the same rate of decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.3%, compared to the 0.9% decline in the previous quarter. Prices of landed properties declined by 1.8%, more than the decrease of 1.7% in the previous quarter. Singapore property for sale.
Rentals of private residential properties fell by 0.8% in 3rd Quarter 2014, more than the 0.6% decline in 2nd Quarter 2014. Singapore property for sale.
Launches and Take-up
Developers launched 1,294 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 3rd Quarter 2014, lower than the 2,843 units in 2nd Quarter 2014.
Developers sold 1,531 private residential units (excluding ECs) in 3rd Quarter 2014, significantly lower than the 2,665 units sold in 2nd Quarter 2014.
No new EC units were launched for sale in 3rd Quarter 2014. Developers sold 162 EC units in 3rd Quarter 2014, compared to the 154 units sold in 2nd Quarter 2014. Singapore property for sale.
Resales and Sub-sales
There were 1,288 resale transactions in 3rd Quarter 2014, lower than the 1,389 transactions in 2nd Quarter 2014. Resale transactions accounted for 43.6% of all sale transactions in 3rd Quarter 2014, compared to 33.0% in 2nd Quarter 2014.
There were 136 sub-sale transactions in 3rd Quarter 2014, lower than the 158 transactions in 2nd Quarter 2014. Sub-sales accounted for 4.6% of all sale transactions in 3rd Quarter 2014, compared to the 3.8% recorded in 2nd Quarter 2014. Singapore property for sale.
Supply in the Pipeline
As at the end of 3rd Quarter 2014, there was a total supply of 74,4963 uncompleted private residential units (excluding ECs) in the pipeline, compared to 76,014 units in 2nd Quarter 2014. Of this number, 28,120 units remained unsold as at 3rd Quarter 2014. After adding the supply of 14,131 EC units in the pipeline, there were 88,627 units in the pipeline.
In addition, another 8,550 units (including ECs) will soon be added to the pipeline supply. These units are from Government Land Sales (GLS) sites that have been awarded to developers, but for which planning approvals had not yet been granted as at 3rd Quarter 2014; and Confirmed List sites from the 2H2014 GLS Programme that have not yet been awarded. If these units are included, there would be about 97,180 private housing and EC units in the overall pipeline supply. Singapore property for sale.
Based on expected completion dates reported by developers, 4,336 units (including ECs) will be completed in the last quarter of 2014. Overall, 20,852 units will be completed in 2014. Another 23,769 units (including ECs) are expected to be completed in 2015. In comparison, 14,403 units (including ECs) were completed in 2013. Singapore property for sale.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 4,512 units in 3rd Quarter 2014. The vacancy rate of completed private residential units (excluding ECs) remained unchanged at 7.1% at the end of 3rd Quarter 2014.
Source: The Urban Redevelopment Authority (URA)
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