Singapore Property Market Trends

Singapore Region Map:

Private Residential Property Index Increased by 0.3% Compared to the 1.0% Decrease in the Previous Quarter

Source: URA

On 24 July 2020, the Urban Redevelopment Authority (URA) has published the 2nd Quarter 2020 real estate statistics.

Comparing current quarter with previous quarter in the private residential property indexes, we are seeing an 0.3% increase in 2nd Quarter 2020  as compared to a 1.0% decrease in 1st Quarter 2020.

There are different price changes when we look into the non-landed property price index by Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).  CCR prices increased by 2.7% in 2nd Quarter 2020 as contrast to the 2.2% decrease in 1st Quarter 2020. RCR Prices decreased further by 1.7% in 2nd Quarter 2020 versus 0.5% decrease in 1st Quarter 2020. OCR prices increased slightly by 0.1% in 2nd Quarter 2020 as contrast to the 0.4% decrease in 1st Quarter 2020.

Comparing the rental indexes, landed properties rental index decreased by 2.3% in 2nd Quarter 2020 versus 0.9% decrease in 1st Quarter 2020. Non-landed properties rental index decreased by 1.1% versus 1.3% increase in 1st Quarter 2020.

On the private residential resale transactions, there were 933 transactions in 2nd Quarter 2020 compared with the 2,080 transactions in 1st Quarter 2020. Resale transactions accounted for 35.0% versus new sale transactions of 65.0% in 2nd Quarter 2020.  Resale transactions accounted for 48.7% in 1st Quarter 2020.

There are 1,852 uncompleted private residential units of new launches (excluding ECs) in 2nd Quarter 2020 compared with 2,093 units in the previous quarter.

There are 1,713 new private residential units (excluding ECs) sold in 2nd Quarter 2020 compared with the 2,149 units sold in 1st Quarter 2020.

The vacancy rate of completed private residential units (excluding ECs) remained unchanged at 5.4% as at the end of 2nd Quarter 2020.  The vacancy rates breakdown by regions in CCR, RCR and OCR were 7.5%, 6.1% and 4.0% respectively as at the end of 2nd Quarter 2020 compared with the 7.4%, 6.2% and 4.1% as at the end of 1st Quarter 2020.

Do take note that the unsold uncompleted private residential units include the bulk of lands bought but without the pre-requisites for sale as well as not launched yet units in the projects.   Excluding that, as at the end of 2nd Quarter 2020, there are only 4,889 launched but unsold uncompleted private residential units (including ECs) as compared to 4,506 units at at the end of 1st Quarter 2020.  As at the end of 2nd Quarter 2020, there are only 166 unsold completed private residential units (including ECs) as compared to 247 units at at the end of 1st Quarter 2020.

Including the bulk of lands bought but without the pre-requisites for sale as well as not launched yet units in the projects, as at the end of 2nd Quarter 2020, there are 29,149 unsold uncompleted private residential units (including ECs) in the pipeline with planning approvals compared with 31,099 unsold units in the previous quarter.

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