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1st Quarter 2005 Real Estate Statistics

Source: www.ura.gov.sg

URA RELEASES THE 1st QUARTER 2005 REAL ESTATE INFORMATION

The Urban Redevelopment Authority (URA) releases today (22 Apr 2005) the real estate statistics for the 1st Quarter 2005.
HIGHLIGHTS OF 1st QUARTER 2005 STATISTICS
PRIVATE RESIDENTIAL UNITS
Prices
Prices of residential properties rose 0.7% in the 1st Quarter 2005, compared with the 0.8% increase in the previous quarter (see Annexes A-1 and B).
Prices of landed properties rose 0.4% in the 1st Quarter 2005, compared with the 0.3% increase in the previous quarter. Prices of detached, semi-detached and terrace houses rose 0.4%, 0.9% and 0.2% respectively.
Prices of non-landed properties rose 0.7% in the 1st Quarter 2005, compared with the 1.1% increase in the previous quarter. Prices of apartments rose 0.2% while those of condominiums rose 0.9%.
Rentals of private residential properties rose 1.0% in the 1st Quarter 2005, compared with the 0.6% increase in the previous quarter (see Annex A-2).
Supply And Demand
As at the end of 1st Quarter 2005, the number of private residential units under construction was 23,672, about 12.8% higher than that as at the end of the previous quarter (see Annex C). Of these, 20,724 units had the prerequisite conditions for sale (i.e. with sale licences and building plan approvals).
There were another 4,258 units from projects where construction had not commenced but with the pre-requisite conditions for sale. Hence the total number of units with the pre-requisite conditions for sale was 24,982 units, which was 4.7% lower than the 26,202 units as at the end of 4th Quarter 2004.
Of the 24,982 uncompleted units with the pre-requisite conditions for sale, 10,116 units had been sold. The remaining 14,866 units which had yet to be sold comprised 4,510 units which had been launched for sale, and 10,356 units which had not been launched yet (see Annex D-1). There were also 1,418 completed but unsold units as at the end of 1st Quarter 2005.
A total of 1,366 uncompleted private residential units were launched for sale in the 1st Quarter 2005, 38.1% lower than the 2,208 units launched in the 4th Quarter 2004 (see Annex D-2).
Major residential projects launched in the quarter included Citylights (333 units from a total of 600 units) at Jellicoe Road, 8 @ Mount Sophia (190 units from a total of 313 units) at Mount Sophia and Parc Emily (160 units from a total of 295 units) at Mount Emily Road.
During the 1st Quarter 2005, 1,090 uncompleted private residential units were sold by developers, 30.3% lower than the 1,563 units sold in the 4th Quarter 2004. Developers also sold 160 completed private residential units in the 1st Quarter 2005.
A total of 1,882 private residential units were completed (granted TOP) in the 1st Quarter 2005. Major residential projects completed in the quarter were Blue Horizon (487 units of a total of 616 units) at West Coast Crescent, and The Marbella (239 units) at Mount Sinai Rise.
The vacancy rate of completed private residential units was 8.8% as at the end of 1st Quarter 2005, compared with 8.1% as at the end of the previous quarter.
EXECUTIVE CONDOMINIUMS
As at the end of 1st Quarter 2005, there were 733 units of Executive Condominiums (EC) under construction (see Annex C). There were another 444 units from projects where construction had not commenced. All the 1,177 units had been issued with sale licences and building plan approvals (i.e. pre-requisites for sale). As at the end of the quarter, 666 units had been launched for sale, of which 483 units had been sold.
The total stock of completed EC units increased to 9,253 units as at the end of 1st Quarter 2005, with the addition of 397 new EC units completed in the quarter from Whitewater at Pasir Ris Street 72. As at the end of 1st Quarter 2005, the vacancy rate was 5.2%, compared to a vacancy rate of 6.0% as at the end of the previous quarter.
OFFICE SPACE
Prices of office space rose 1.0% in the 1st Quarter 2005, compared with the 0.7% increase in the previous quarter (see Annex A-1). Rentals rose 2.2% in the 1st Quarter 2005, compared with the 0.8% increase in the previous quarter (see Annex A-2).
Office space1 under construction increased by 3.7% to 334,000 sq m (gross) as at the end of 1st Quarter 2005 (see Annex C).
The stock of completed office space (with TOP) decreased by 20,000 sq m to 6.473 million sq m (nett) as at the end of 1st Quarter 2005, while the amount of occupied office space increased by 47,000 sq m to 5.501 million sq m(nett) in the same period.
Consequently, the vacancy rate of office space decreased by 1.0 percentage point to 15.0% as at the end of 1st Quarter 2005.
SHOP SPACE
Prices of shop space rose 1.0% in the 1st Quarter 2005, compared with the 0.5% increase in the previous quarter (see Annex A-1). Rentals rose 1.7%, compared with the 0.8% increase in the previous quarter (see Annex A-2).
Shop space under construction increased by 6.7% to 224,000 sq m (gross) as at the end of 1st Quarter 2005 (see Annex C).
The stock of completed shop space (with TOP) decreased by 3,000 sq m to 3.136 million sq m (nett) as at the end of 1st Quarter 2005, while the amount of occupied shop space decreased by 20,000 sq m to 2.860 million sq m(nett) in the same period mainly due to refurbishment works.
Consequently, the vacancy rate of shop space increased by 0.5 percentage point to 8.8% as at the end of 1st Quarter 2005.
More..... (Annexes A, B, C, D & E)

Source: Urban Redevelopment Authority Press Release 22 Apr 2005

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24 April 2005