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15. November 2011 
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Singapore real estate statistics for 3rd Quarter 2011
The rate of price increase continues to moderate. Prices of private residential properties increased by 1.3% in 3rd Quarter 2011, lower than the 2.0% increase in the previous quarter. This was the 8th consecutive quarter in which the rate of increase in overall private housing prices had moderated, according to recent statistics by Singapore Lettings.
Prices of non-landed properties in Core Central Region (CCR) increased at a slower pace of 0.7% in 3rd Quarter 2011, compared to the 1.6% increase in the previous quarter. For Rest of Central Region (RCR) and Outside Central Region (OCR) prices increased by 1.2% and 2.1% respectively in 3rd quarter 2011, slightly higher than the 1.1% and 1.7% increase in the previous quarter.
Rentals of private residential properties increased by 0.8% in 3rd Quarter 2011, less than the 1.3% increase in the previous quarter.
As at the end of 3rd Quarter 2011, there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline, higher than the 71,111 units in 2nd Quarter 2011. The pipeline supply of 76,255 units was the highest ever recorded since such data was first available in 1999.
Of the supply in the pipeline, 39,111 units remained unsold as at 3rd Quarter 2011. The unsold units comprised 10,574 units in CCR, 9,253 units in RCR and 19,284 units in OCR.
Office Space
Rentals for office space, based on leases which had commenced, increased by 0.9% in 3rd Quarter 2011, lower than the increase of 1.5% in 2nd Quarter 2011. Prices of office space increased by 3.7% in 3rd Quarter 2011, higher than the 3.6% increase in the previous quarter.
More supply of office space will also come from the GLS sites which were recently awarded by the Government in 2011. This includes the commercial sites at Robinson Road / Cecil Street and Peck Seah Street / Choon Guan Street. In addition, more supply of commercial space is also expected from the development of the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by M+S Pte Ltd.
Retail Space
Rentals for shop space, based on leases which had commenced, increased by 0.5% in 3rd Quarter 2011, compared with 0.8% increase in the 2nd Quarter 2011. At the same time, prices of shop space increased by 3.4% in 3rd Quarter 2011, compared with the increase of 1.1% in the previous quarter.
The amount of occupied shop space remained unchanged in 3rd Quarter 2011, compared with 2nd Quarter 2011. On the other hand, the stock of shop space increased by 14,000 sq m (nett) in 3rd Quarter 2011. The island-wide vacancy rate of shop space was 6.2% as at the end of 3rd Quarter 2011, compared with the 5.8% vacancy rate as at the end of 2nd Quarter 2011.
Industrial Space
Prices of multiple-user factory space increased by 6.7% in 3rd Quarter 2011, compared with 5.7% in the previous quarter. Rentals of multiple-user factory space increased by 2.1%, compared with the increase of 4.5% in the previous quarter.
The amount of occupied factory space increased by 118,000 sq m (nett) in 3rd Quarter 2011, higher than the increase of 110,000 sq m (nett) in 2nd Quarter 2011. On the other hand, the stock of factory space increased by 93,000 sq m in 3rd Quarter 2011. The vacancy rate of factory space was 7.0% as at the end of 3rd Quarter 2011, compared with the 7.1% as at the end of the previous quarter.
Prices of non-landed properties in Core Central Region (CCR) increased at a slower pace of 0.7% in 3rd Quarter 2011, compared to the 1.6% increase in the previous quarter. For Rest of Central Region (RCR) and Outside Central Region (OCR) prices increased by 1.2% and 2.1% respectively in 3rd quarter 2011, slightly higher than the 1.1% and 1.7% increase in the previous quarter.
Rentals of private residential properties increased by 0.8% in 3rd Quarter 2011, less than the 1.3% increase in the previous quarter.
As at the end of 3rd Quarter 2011, there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline, higher than the 71,111 units in 2nd Quarter 2011. The pipeline supply of 76,255 units was the highest ever recorded since such data was first available in 1999.
Of the supply in the pipeline, 39,111 units remained unsold as at 3rd Quarter 2011. The unsold units comprised 10,574 units in CCR, 9,253 units in RCR and 19,284 units in OCR.
Office Space
Rentals for office space, based on leases which had commenced, increased by 0.9% in 3rd Quarter 2011, lower than the increase of 1.5% in 2nd Quarter 2011. Prices of office space increased by 3.7% in 3rd Quarter 2011, higher than the 3.6% increase in the previous quarter.
More supply of office space will also come from the GLS sites which were recently awarded by the Government in 2011. This includes the commercial sites at Robinson Road / Cecil Street and Peck Seah Street / Choon Guan Street. In addition, more supply of commercial space is also expected from the development of the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by M+S Pte Ltd.
Retail Space
Rentals for shop space, based on leases which had commenced, increased by 0.5% in 3rd Quarter 2011, compared with 0.8% increase in the 2nd Quarter 2011. At the same time, prices of shop space increased by 3.4% in 3rd Quarter 2011, compared with the increase of 1.1% in the previous quarter.
The amount of occupied shop space remained unchanged in 3rd Quarter 2011, compared with 2nd Quarter 2011. On the other hand, the stock of shop space increased by 14,000 sq m (nett) in 3rd Quarter 2011. The island-wide vacancy rate of shop space was 6.2% as at the end of 3rd Quarter 2011, compared with the 5.8% vacancy rate as at the end of 2nd Quarter 2011.
Industrial Space
Prices of multiple-user factory space increased by 6.7% in 3rd Quarter 2011, compared with 5.7% in the previous quarter. Rentals of multiple-user factory space increased by 2.1%, compared with the increase of 4.5% in the previous quarter.
The amount of occupied factory space increased by 118,000 sq m (nett) in 3rd Quarter 2011, higher than the increase of 110,000 sq m (nett) in 2nd Quarter 2011. On the other hand, the stock of factory space increased by 93,000 sq m in 3rd Quarter 2011. The vacancy rate of factory space was 7.0% as at the end of 3rd Quarter 2011, compared with the 7.1% as at the end of the previous quarter.
