photo: bp.blogspot.com

Private residential properties prices decreased by 0.5 percent in 4th quarter 2016

Urban Redevelopment Authority (URA) has announced that prices of private residential properties decreased by 0.5 percent in 4th quarter 2016, compared with the 1.5 percent decline in the previous quarter.

For the whole of 2016, it noted prices fell 3.1 percent, compared with the 3.7 percent decline in 2015.

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Prices of landed properties rose by 0.8 percent, compared with the 2.7 percent decline in the previous quarter.

While, prices of non-landed properties decreased by 0.8 percent, compared with the 1.2 percent decline in the previous quarter. For the whole of 2016, prices of landed properties decreased by 4.5 percent while prices of non-landed properties fell by 2.6 percent.

Rentals of private residential properties fell 1.0 percent, compared with the 1.2 percent decline in the previous quarter.  For the whole of 2016, rentals of private residential properties fell 4.0 percent, compared with the 4.6 percent decline in 2015.

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Another point is that developers had launched 2,944 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2016, compared with 1,609 units in the previous quarter. For the whole of 2016, developers launched 7,877 units, compared with 7,056 units in 2015.

Developers sold 2,316 private residential units (excluding ECs) in 4th Quarter 2016, compared with the 1,981 units sold in the previous quarter.  For the whole of 2016, developers sold 7,972 units, compared with 7,440 units in 2015.

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Minister for National Development (MND) Lawrence Wong had announced on the blog of the Ministry of National Development (MND) that Housing & Development Board (HDB) will launch about 17,000 new flats for sale to Singaporeans.

URA stated that the vacancy rate of private residential units continues to be inferred from their utility consumption levels.

The stock of completed private residential units (excluding ECs) increased by 4,433 units in 4th Quarter 2016, compared with an increase of 4,919 units in the previous quarter.

The stock of occupied private residential units (excluding ECs) increased by 5,072 units in 4th Quarter 2016, compared with an increase of 5,393 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.4% at the end of 4th Quarter 2016, from 8.7% at the end of the previous quarter.

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Prices of office space decreased by 0.6 percent in 4th Quarter 2016, compared with the 0.4% decline in the previous quarter. Rentals of office space fell by 1.8 percent in 4th Quarter 2016, compared with the decline of 1.1 percent in the previous quarter.

For the whole of 2016, prices and rentals of office space fell by 2.8 percent and 8.2 percent respectively, compared with the 0.1 percent and 6.5 percent decline in 2015.

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The amount of occupied office space increased by 1,000 sq m (nett) in 4th Quarter 2016, compared with the decrease of 5,000 sq m (nett) in the previous quarter. The stock of office space increased by 66,000 sq m (nett) in 4th Quarter 2016, compared with the increase of 101,000 sq m (nett) in the previous quarter.

As a result, the island-wide vacancy rate of office space at the end of 4th Quarter 2016 rose to 11.1 percent, from 10.4 percent at the end of the previous quarter.

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Prices of retail space increased by 0.2 percent in 4th Quarter 2016, compared with the decrease of 0.6 percent in the previous quarter. Rentals of retail space decreased by 1.2 percent in 4th Quarter 2016, compared with the decrease of 1.5 percent in the previous quarter.

For the whole of 2016, prices and rentals of retail space fell by 5.4 percent and 8.3 percent respectively, compared with the 0.8 percent and 4.1 percent decline in 2015.

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The amount of occupied retail space increased by 66,000 sq m (nett) in 4th Quarter 2016, compared with the decrease of 26,000 sq m (nett) in the previous quarter. The stock of retail space increased by 10,000 sq m (nett) in 4th Quarter 2016, compared with the increase of 17,000 sq m (nett) in the previous quarter.

As a result, the island-wide vacancy rate of retail space dropped to 7.5 percent at the end of 4th Quarter 2016, from 8.4 percent at the end of the previous quarter.

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