Prices of private residential, office, shop and industrial properties decreased by 6.1%, 4.9%, 4.8% and 6.5% respectively in the 4th Quarter 2008.
For the year 2008 as a whole, prices of private residential, office and shop properties decreased by 4.7%, 7.0% and 1.9% respectively, while the prices of industrial properties increased slightly by 1.5% in the same period.
Rentals of private residential, office, shop and industrial properties decreased by 5.3%, 6.5%, 0.6% and 3.7% respectively in the 4th Quarter 2008. For the year 2008 as a whole, rentals of private residential, office, shop and industrial properties increased by 2.0%, 5.8%, 5.1% and 4.2% respectively.
As at 4th Quarter 2008, there were 64,982 private residential units in the pipeline, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet.
For the office sector, there was a pipeline supply of about 1.39 million sq m Gross Floor Area (GFA) of office space from various Government and private land sources. Of these, about 31,000 private residential units and about 927,000 sq m GFA of office space were expected to be completed between 2009 and 2011. These were lower than the pipeline supply of about 34,600 private residential units and 970,000 sq m GFA of office space expected to be completed between 2009 and 2011, as at 3rd Quarter 2008.
The decline in the pipeline supply to be completed between 2009 and 2011 was mainly because a number of developers had in 4th Quarter 2008 made adjustments to the expected year of completion of their private housing and office projects to beyond 2011.
For the year 2008 as a whole, overall prices of private residential properties fell by 4.7%, compared with an increase of 31.2% in the previous year.
Source: URA
No comments:
Post a Comment