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Home > News Releases > 2006


News Releases


28 JULY 2006



URA RELEASES THE 2ND QUARTER 2006 REAL ESTATE INFORMATION



1. The Urban Redevelopment Authority (URA) releases today the real estate statistics for the 2nd Quarter 2006.


HIGHLIGHTS OF 2nd Quarter 2006 STATISTICS


PRIVATE RESIDENTIAL UNITS


Prices

2. Prices of private residential properties rose 1.8% in the 2nd Quarter 2006, compared with the 1.5% increase in the previous quarter (see Annexes A-1 and B-1 & B-2).

3. Prices of landed properties rose 1.6% in the 2nd Quarter 2006, compared with the 1.4% increase in the previous quarter. Prices of detached, semi-detached and terrace houses rose 2.7%, 0.6% and 0.5% respectively.

4. Prices of non-landed properties rose 1.7% in the 2nd Quarter 2006, compared with the 1.5% increase in the previous quarter. Prices of apartments rose 2.3% while those of condominiums rose 1.5%.

5. Rentals of private residential properties rose 2.1% in the 2nd Quarter 2006, compared with the 1.1% increase in the previous quarter (see Annex A-2).


Supply And Demand

6. As at the end of 2nd Quarter 2006, the number of private residential units under construction was 24,711, about 10.6% higher than that as at the end of the previous quarter (see Annex C). Of these, 20,838 units had the pre-requisite conditions for sale (i.e. with sale licences and building plan approvals). There were another 3,640 units from projects where construction had not commenced but with the pre-requisite conditions for sale. Hence there was a total of 24,478 units with the pre-requisite conditions for sale, which was 0.1% higher than the 24,460 units as at the end of 1st Quarter 2006.

7. Of the 24,478 uncompleted units with the pre-requisite conditions for sale, 14,717 units had been sold. The remaining 9,761 units which had yet to be sold comprised 3,596 units which had been launched for sale, and 6,165 units which had not been launched yet (see Annex D-1). There were also 754 completed but unsold units as at the end of 2nd Quarter 2006.


8. A total of 3,005 uncompleted private residential units were launched for sale in the 2nd Quarter 2006, compared with the 2,111 units launched in the 1st Quarter 2006 (see Annex D-2). Major residential projects launched in the quarter included Kovan Melody (the remaining 228 units from a total of 778 units) at Kovan Road, One Jervois (200 units from a total of 275 units) at Jervois Close, Southbank (197 units) at North Bridge Road, St Regis Residences Singapore (173 units) at Cuscaden Road and Residences @ Evelyn (157 units from a total of 208 units) at Evelyn Road.

9. During the 2nd Quarter 2006, 2,369 uncompleted private residential units were sold by developers, compared with the 1,699 units sold in the 1st Quarter 2006. Developers also sold 158 completed private residential units in the 2nd Quarter 2006.

10. A total of 1,153 private residential units were completed (granted TOP) in the 2nd Quarter 2006. Major residential projects completed in the quarter were Baywater (232 units) at Bedok Reservoir Road and The Pier at Robertson (201 units) at Mohamed Sultan Road.

11. The vacancy rate of completed private residential units was 6.5% as at the end of 2nd Quarter 2006, compared with 7.4% as at the end of the previous quarter.


EXECUTIVE CONDOMINIUMS

12. As at the end of 2nd Quarter 2006, there were 903 units of Executive Condominiums (EC) in the pipeline, all of which were under construction (see Annex C). All the 903 units had been issued with sale licences and building plan approvals (i.e. pre-requisites for sale). As at the end of the quarter, 811 units had been launched for sale, of which 654 units had been sold.

13. The total stock of completed EC units remained at 9,527 units as at the end of 2nd Quarter 2006, as no new EC units were completed in the quarter. As at the end of 2nd Quarter 2006, the vacancy rate was 0.4%, compared with the vacancy rate of 0.6% as at the end of the previous quarter.


OFFICE SPACE

14. Prices of office space rose 3.5% in the 2nd Quarter 2006, compared with the 1.4% increase in the previous quarter (see Annex A-1). Rentals rose 6.6% in the 2nd Quarter 2006, compared with the 2.3% increase in the previous quarter (see Annex A-2).

15. Office space under construction decreased by 12.6% to 236,000 sq m (gross) as at the end of 2nd Quarter 2006 (see Annex C).

16. The stock of completed office space (with TOP) increased by 47,000 sq m to 6.510 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied office space increased by 24,000 sq m to 5.710 million sq m(nett) in the same period.

17. Consequently, the vacancy rate of office space increased by 0.3 percentage point to 12.3% as at the end of 2nd Quarter 2006.


SHOP SPACE

18. Prices of shop space rose 1.4% in the 2nd Quarter 2006, compared with the 1.2% increase in the previous quarter (see Annex A-1). Rentals rose 1.4%, compared with the 1.9% increase in the previous quarter (see Annex A-2).

19. Shop space under construction increased by 20.4% to 348,000 sq m (gross) as at the end of 2nd Quarter 2006 (see Annex C).

20. The stock of completed shop space (with TOP) decreased by 4,000 sq m to 3.138 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied shop space decreased by 3,000 sq m to 2.899 million sq m (nett) in the same period.

21. The vacancy rate of shop space remained unchanged at 7.6% as at the end of 2nd Quarter 2006.


INDUSTRIAL SPACE

22. Prices of multiple-user factory space rose 1.0% in the 2nd Quarter 2006, compared with the 0.5% increase in the previous quarter (see Annex A-1). Rentals of multiple-user factory space rose 0.3%, compared with the 0.8% increase in the previous quarter (see Annex A-2).

23. Factory space under construction increased by 14.4% to 1.896 million sq m (gross) in the 2nd Quarter 2006 (see Annex C).

24. The stock of completed factory space (with TOP) increased by 39,000 sq m to 27.201 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied factory space increased by 239,000 sq m to 24.550 million sq m (nett) in the same period.

25. Consequently, the vacancy rate of factory space decreased by 0.8 percentage point to 9.7% as at the end of 2nd Quarter 2006.


URA’s REAL ESTATE INFORMATION SERVICE

26. More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy position of the various properties can be found in the Real Estate Information System (REALIS), an online database of URA.

27. Subscribers of REALIS can obtain the information from the system after 12.30 pm today. More information on REALIS can be found at http://spring.ura.gov.sg/lad/ore/login/index.cfm. You can also contact the REALIS hotline at 6329 3456.

The supply of office, shop and factory space under construction is given in gross floor area as the developments have yet to be completed and hence the nett floor area is not available.

ANNEX E-1

SUMMARY OF KEY INFORMATION ON EXECUTIVE CONDOMINIUM (EC)
NUMBER OF EC UNITS LAUNCHED AND SOLD IN THE QUARTER



Quarter/Year


Number of New Units

Launched


Units Sold Directly by Developers 1

Uncompleted


Completed

2001

1Q/2001

2Q/2001

3Q/2001

4Q/2001


1,677

-

678

384

615


1,541

-

672

387

482


382

33

246

89

14

2002

1Q/2002

2Q/2002

3Q/2002

4Q/2002


894

-

-

665

229


718

81

33

391

213


-

-

-

-

-

2003

1Q/2003

2Q/2003

3Q/2003

4Q/2003


400

60

108

232

-


438

73

155

141

69


-

-

-

-

-

2004

1Q/2004

2Q/2004

3Q/2004

4Q/2004


160

84

-

-

76


226

134

38

29

25


4

-

-

2

2

2005

1Q/2005

2Q/2005

3Q/2005

4Q/2005


325

-

292

-

33


342

26

173

110

33


1

-

1

-

-

2006

1Q/2006

2Q/2006



-

94



76

53



-

-

1


This is compiled from the returns of the quarterly survey on licensed developers, based on option given by developers.

ANNEX E-2

SALE POSITION OF EC UNITS WITH PRE-REQUISITIES FOR SALE 1 AS AT END OF QUARTER




1Q/2006


2Q/2006


Percentage Change

(%)

Uncompleted Units Available


903


903


-

Launched


717


811


13.1

Sold 2


601


654


8.8

Unsold


116


157


35.3

Not Launched Yet


186


92


-50.5

Unsold Completed Units 3


0


0


-
1 Refers to executive condominiums with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control & Licensing) Act, a sale licence must be obtained for projects with more than 4 units, if the developer intends to sell the residential units in the development. However, the sale of the residential units can commence with the approval of the building plans of the development.
2 Refers to units with sales and purchase agreements signed and given options to purchase.
3 Refers to unsold units in completed executive condominium projects.

For media enquiries, please contact:

Ms Ang Hwee Suan
Head, Public Relations
DID: 6321 8134
Email: Ang_Hwee_Suan@ura.gov.sg

Ms Gillian Tan
Executive Public Relations Officer
DID: 6321 8280
E mail: Gillian_tan@ura.gov.sg


Last Updated on Tuesday 24 April, 2007
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Privacy Statement | Conditions of Access Copyright 2006, Urban Redevelopment Authority. All rights reserved.

Choosing who is going to move your home is an important decision. This is not the time to be shy. Make sure you fully understand the services each moving company offers and the rate at which the services can be provided.

Below is a list of questions the experts at TWO MEN AND A TRUCK® suggest asking moving companies to make sure they fit your needs.

*

Is the moving company licensed?
*

Does the company charge by the piece or by the hour?
*

Does the company have a minimum charge? How does the company charge after the minimum is met — in 15-minute increments or every half hour?
*

Does the company have any extra charges for larger items or extra flights of stairs? (This is not unusual.)
*

Does the company charge for the travel time from their office to your location?
*

Does the company charge extra for moves in the evenings or on the weekends?
*

What payment options do does the company offer? (Many moving companies require a deposit.)
*

Does the company have full-time employees or does the company use temps and day labor? (Be cautious of companies that use temps or day labor because they may not be properly insured.)
*

Does the company carry Worker’s Compensation for their employees?
*

What kind of training have the movers and drivers completed?
*

Are items insured during the move? (Even if a mover is bonded and insured, it doesn’t mean that your items are covered during the move.)
*

What kind of cancellation policy does the company offer? (You should always be able to cancel or postpone until a few days before your move.)
*

Does the company offer free estimates? (Getting an estimate for all moves is recommended.)
*

Does the company offer suggestions on how to make the move easier? (Movers who care about customer service and making your move a positive experience will do all they can to help you.)
*

Does the company have a contact number for the day of the move should any challenges arise?

By: TWO MEN AND A TRUCK®

5 Powerful Property Buying Strategies

In a perfect world, it would be easy to always be objective and make rational decisions based on sound information. In reality, emotions and timing often have a big effect. Sometimes the best you can do is to set the stage so that you minimize the subjective influences.

Give yourself power and control. Don’t find yourself in the position of “having” to buy and doing so in haste.

1. Work out the finances first. Paying cash? Getting a mortgage? Find out what you can afford and check out all your various options.

Meet with whatever experts you need to in order to have all your facts - a lender, your tax advisor, etc. Knowing exactly what you want to spend and can spend will eliminate time spent looking at properties you can’t have.

Not only that, when you find the right property you can make a “clean” offer without a financing contingency. Sellers are more likely to respond favorably to clean offers.

2. Unless you really want to own two properties, sell first. Then buy. First of all, the property you want will probably not take a contingency offer. So unless you are prepared to own both (and you have to plan for a worst case scenario) you are wasting your time with the offer.

Second, if you are emotionally attached to what you want to buy you won’t be as objective on selling your home. You may take less than it’s worth so that you don’t lose the other home. There’s nothing wrong with that as long as you understand the financial implications.

3. Use a realtor who knows the market. That may sound too simple in this age of the internet, when buyers have access to the same data the agent has. The difference is the ability to interpret that data.

Full-time realtors do more than show homes and write contracts. They study market trends and observe area fluctuations. You are thinking about your needs now. But your agent is thinking about both now and in the future when you are ready to sell again and looking for your future resale opportunities.

In addition, the internet is an increasingly non-objective source of information. Many websites do not display all the properties that are for sale in a given area because of contractual conflicts. And most new communities are not listed at all in any search vehicle. A professional realtor should be able to show you all the homes that fit your needs.

4. Wait till your toes curl. In other words, don’t get pressured into making a decision. When you find the right home you will know it (your toes will curl or the little hairs on the back of your neck will stand up).

That doesn’t mean look at 200 homes before you make a decision. Sometimes it’s the first home you see. But don’t let an agent, a seller, or a spouse, push you into something you don’t feel good about.

5. You can’t have it all. Decide what is most important in your next home and put it into perspective. If it’s location, or price, or view, or square footage, or school districts, or amenities, or whatever.

Remember that some things can be changed. Floors, kitchens, landscaping, etc. are all changeable. So if they are not perfect, they can be. But location, view, amenities, etc. are there forever.

No matter what your budget, the good fairy of real estate did not go - poof! There it is. It simply doesn’t happen.

Everyone has to make compromises. So decide what truly matters to you and put that at the top of your list. Give in on what doesn’t matter as much.

Follow these guidelines and you’ll get the home you desire.

By Crissie Cudd