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Monthly Property Reports March 2008 Report Cool end to a hot year for property
Monthly Property Reports March 2008 Report Cool end to a hot year for property | Cool end to a hot year for property |
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Prices of private residential properties in Singapore rose 31.2% in 2007, according to fourth-quarter statistics released by the Urban Redevelopment Authority after a cool end to a hot year for the market.
Cool end to a hot year for property
The huge growth in private residential property followed a rise of 6.8% in the fourth quarter, when offices, shops and industrial rose by 8.0%, 3.4% and 6.0% respectively. For the whole year, the office sector rose by an even more impressive 32.6%, while shops and industrial property were up 13.2% and 22.7% respectively. It was actually rentals, not prices, that enjoyed the biggest boom. Rentals of private residences rose 41.2% for the year following a rise of 6.8% in the last quarter. Office rentals were up 56.1% for the year following a 10.9% rise in the fourth quarter, while rentals of shops and industrial properties were up 18.2% and 32.0% for the year. However, the rate of increase in rentals for all properties and the rate of increase in prices for private residential and office properties moderated in the fourth quarter compared to the third. In terms of property types, non-landed properties led the way in 2007, rising 32.6% for the year after a 7.2% rise in the fourth quarter, while landed properties rose 23.4% after a 4.2% rise in the fourth quarter. Predictably, the biggest rises were in the more expensive Core Central Region (CCR). For the whole of 2007, prices of non-landed properties rose by 32.7% in CCR, comprising postal districts 9, 10, 11, the Downtown Core and Sentosa. According to Jones Lang LaSalle’s in house data, the average resale prices in Luxury Prime (high end properties in Districts 9-11) was $2,730psf. However, the lower-cost areas were not far behind in terms of overall price increases and increased by significantly more than was imagined at the beginning of the year. Prices rose 30.4% in Rest of Central Region (RCR) and 26.4% in Outside Central Region (OCR), home to the mid-tier and mass-market residential projects. Supply is in the pipeline to meet demand over the next few years, according to the URA. For example, as of the fourth quarter, there were 64,852 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 yet under construction. Of these, 38,260 units were still unsold. Of the 64,852 units, 56,149 units are expected to be completed between 2008-2011 and 29,722 units are already under construction7. In addition, supply will also come from the sites made available in the First Half 2008 Government Land Sales (GLS) Programme, which can yield about 8,250 new units. When sold, the supply from these sites can be made available for sale within the next one year or so. The Government will also inject additional supply in the Second Half 2008 GLS Programme if necessary. Apart from the additional supply from GLS sites, there will also be additional supply from new private residential developments on private land which will be coming in for planning approval, including those on sites where the existing developments have been sold en-bloc. This will further increase the number of units that can be made available for sale in the next few years. For the office sector, there was a supply of about 1.42 million sqm Gross Floor Area (GFA) of office space from various government and private land sources in the pipeline. Of this, 1.21 million sq m GFA of office space are expected to be completed between 2008 and 2011. For the whole of 2007, 14,016 uncompleted units were launched by developers for sale, marking the highest number of new launches in a year since 2000. This is some 26.6% higher than 2006. Major residential projects launched in the fourth quarter included Park Natura at Bukit Batok East Avenue 6 (192 units), Amber Residences at Amber Road (114 units) and Casa Fortuna at Jalan Rajah (106 units). It was a record year in terms of sales in the private residential sector, as developers sold 14,149 uncompleted units and 662 completed units in 2007. The total annual sales of uncompleted units easily surpassed the previous peak, in 2006, of 10,363 units. However, in the fourth quarter, developers only sold 1,397 uncompleted units and 52 completed units, making up about 10% of the annual total. In particular, CCR registered the lowest number of sales in the fourth quarter compared to RCR and OCR, where each concluded 554 units and 425 units respectively. Cautious buying and high prices have driven buyers to outlying areas such as OCR and RCR. Comparing among the three regions, the annual sales in OCR was the strongest. A total of 5,073 units were recorded, which is almost double that in 2006. This reflects the strong filter-down demand effect. The total number of sub-sales fell to 513 in the fourth quarter, compared to 1,474 sub-sales in the previous quarter. In percentage terms, sub-sales accounted for 10.7% of all sale transactions in the 4th Quarter 2007, compared to 14.4% in the 3rd Quarter 2007. The number of sub-sales in CCR in the 4th Quarter 2007 accounted for 18.6% of the property sale transactions in this area in the quarter, compared to 24.8% in the previous quarter. The percentages of sub-sales in the 4th Quarter 2007 for RCR, at 12.3% and OCR, at 5.1% were lower than the corresponding percentages of 15.8% and 6.1% in the previous quarter |
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