Updates from URA over the first few months in 08

Rentals

Rentals of private residential properties rose 6.0% in the 1st Quarter 2008, compared with the 6.8% increase in the previous quarter (see Annex A-3).

Rentals of non-landed properties in CCR rose 4.8% in the 1st Quarter 2008. Rentals of non-landed properties in RCR and OCR rose 6.7% and 8.4% respectively (see Annexes A-3 & A-4).

In addition, URA also released data on the 25th percentile, median and 75th percentile rentals for individual private residential projects for 1st Quarter 20084. These data would help the public make better informed decisions on the renting of private housing. The data on the rentals of individual private residential projects are available on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/rental.jsp.

SUMMARY

Prices of private residential, office, shop and industrial properties increased by 3.7%, 1.1%, 2.6% and 3.4% respectively in the 1st Quarter 2008.

Rentals of private residential, office, shop and industrial properties increased by 6.0%, 7.3%, 1.0% and 5.7% respectively in the 1st Quarter 2008.

The rates of increase in prices for all properties and the rates of increase in rentals for private residential, office and industrial properties have moderated in the 1st Quarter 2008 as compared to 4th Quarter 2007.

The latest figures also provided an update on the supply in the pipeline to meet demand over the next few years. For example, as at 1st Quarter 2008, there were 67,736 private residential units in the pipeline, comprising supply from projects that are already under construction and those that have been granted planning approval but are not under construction yet. For the office sector, there was a supply of about 1.49 million sq m Gross Floor Area (GFA) of office space from various Government and private land sources in the pipeline. Of these, 56,501 private residential units and 1.11 million sq m GFA of office space are expected to be completed between 2nd Quarter 2008 and 2011.

PRIVATE RESIDENTIAL PROPERTIES

Prices

Overall prices of private residential properties rose 3.7% in the 1st Quarter 2008, compared with the 6.8% increase in the previous quarter (see Annexes A-1, A-6 & A-7).

Prices of non-landed properties rose 3.7% in the 1st Quarter 2008, compared with the 7.2% increase in the previous quarter. Prices of apartments rose 3.6% while those of condominiums rose 3.7%.

Prices of non-landed properties in Core Central Region1 (CCR) rose 3.8% in the 1st Quarter 2008, while prices of non-landed properties in Rest of Central Region2 (RCR) and Outside Central Region (OCR) rose by 3.3% and 3.8% respectively (see Annex A-2).

Prices of landed properties rose 3.9% in the 1st Quarter 2008, compared with the 4.2% increase in the previous quarter. Prices of detached, semi-detached and terrace houses rose 3.5%, 4.7% and 4.0% respectively in the 1st Quarter 2008.

The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view the data on individual uncompleted private residential projects at the following url: http://www.ura.gov.sg/realEstateWeb/Price.jsp.
Source: URA