URA RELEASES THE 1st QUARTER 2003 REAL ESTATE INFORMATION

The Urban Redevelopment Authority (URA) releases today the real estate statistics for the 1st Quarter 2003.

HIGHLIGHTS OF 1st QUARTER 2003 STATISTICS

PRIVATE RESIDENTIAL UNITS

Prices

2. Prices of residential properties fell 0.9% in the 1st Quarter 2003, compared with the 0.3% decrease in the previous quarter (see Annexes A-1 and B).

3. Prices of landed properties fell 0.9% in the 1st Quarter 2003, compared with the 0.3% fall in the previous quarter. Prices of detached, semi-detached and terrace houses fell 0.5%, 0.7% and 1.1% respectively.

4. Prices of non-landed properties fell 0.8% in the 1st Quarter 2003, compared with the 0.3% decrease in the previous quarter. Prices of condominiums fell 0.9% while those of apartments declined by 0.5%.

5. Rentals of private residential properties fell 2.2% in 1st Quarter 2003, compared with the 0.9% fall in the previous quarter (see Annex A-2).

Supply And Demand

6. As at the end of 1st Quarter 2003, the number of private residential units under construction was 30,052, about 0.4% more than that as at the end of 4th Quarter 2002 (see Annex C). Of these, 24,801 units had the pre-requisite conditions for sale (i.e. with sale licences and building plan approvals). There were another 3,669 units on which construction had not commenced with the pre-requisite conditions for sale. Hence the total number of units with the pre-requisite conditions for sale was 28,470 units, which was a decrease of 2.0% from the 29,056 units as at the end of 4th Quarter 2002.

7. Of the 28,470 uncompleted units with the pre-requisite conditions for sale, 12,500 units had been sold. The remaining 15,970 units which had yet to be sold comprised 4,912 units which had been launched for sale, and 11,058 units which had not been launched yet (see Annex D-1). There were also 1,233 completed but unsold units as at the end of 1st Quarter 2003.

8. A total of 506 uncompleted private residential units were launched for sale in the 1st Quarter 2003, about 44.3% lower than the 909 units launched in the 4th Quarter 2002 (see Annex D-2). Major residential projects launched in the quarter included Lakeholmz at Boon Lay Way (135 units of a total of 369 units) and Gardenvista at Dunearn Road (84 units of a total of 318 units).

9. During the 1st Quarter 2003, 322 uncompleted private residential units were sold by developers, 56.1% lower than the 733 units sold in the 4th Quarter 2002. 105 completed private residential units were sold in 1st Quarter 2003.

10. A total of 1,635 private residential units were completed (granted TOP) in the 1st Quarter 2003. Major residential projects completed in the quarter included The Tessarina (433 units) at Wilby Road and Dahlia Park Condominium (299 units) at Flora Drive.

11. The vacancy rate of completed private residential units as at the end of 1st Quarter 2003 was 7.6%, compared with 8.5% as at the end of 4th Quarter 2002.

EXECUTIVE CONDOMINIUMS

12. As at the end of 1st Quarter 2003, there were 2,421 units of Executive Condominiums (EC) under construction (see Annex C). All the 2,421 units had obtained sale licences and building plan approvals (i.e. pre-requisites for sale), of which 2,313 units had been launched for sale. There were another 459 units on which construction works had not commenced.

13. The total stock of completed executive condominium units numbered 7,106 units as at end of 1st Quarter 2003. Of these, 5.4% were vacant, compared to a vacancy of 2.0% as at end of 4th Quarter 2003.

OFFICE SPACE

14. Prices of office space fell 3.0% in the 1st Quarter 2003, compared with the 5.3% decline in the previous quarter (see Annex A-1). Rentals fell 3.5%, compared with the fall of 3.2% in the previous quarter (see Annex A-2).

15. Office space under construction remained unchanged at 399,000 sq m (gross) as at the end of 1st Quarter 2003 (see Annex C).

16. The stock of completed office space (with TOP) decreased by 15,000 sq m to 6.464 million sq m (nett) as at the end of 1st Quarter 2003.

17. The vacancy rate of office space rose 0.7 percentage point to 16.4% as at the end of 1st Quarter 2003.

SHOP SPACE

18. Prices of shop space fell 2.1% in the 1st Quarter 2003, compared with the 0.7% fall in the previous quarter (see Annex A-1). Rentals fell 1.3%, compared with a fall of 0.8% in the previous quarter (see Annex A-2).

19. Shop space under construction increased by 1.4% to 218,000 sq m (gross) as at the end of 1st Quarter 2003 (see Annex C).

20. The stock of completed shop space (with TOP) increased by 4,000 sq m in the 1st Quarter 2003 to 3.140 million sq m (nett). The vacancy rate of shop space increased by 1.2 percentage points to 9.5% as at the end of 1st Quarter 2003.

INDUSTRIAL SPACE

21. Prices of multiple-user factory space fell 3.1% in the 1st Quarter 2003, compared with the fall of 3.0% in the previous quarter (see Annex A-1). Rentals of multiple-user factory space declined by 2.3% in the quarter, compared with the 1.2% fall in the previous quarter (see Annex A-2).

22. Factory space under construction decreased by 5.2% to 1.908 million sq m (gross) in the 1st Quarter 2003 (see Annex C).

23. The stock of completed factory space (with TOP) increased by 193,000 sq m to 26.041 million sq m (nett) as at the end of 1st Quarter 2003. The vacancy rate of factory space fell 0.1 percentage point to 12.6% as at the end of 1st Quarter 2003.

URA's REAL ESTATE PUBLICATIONS

24. 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 1st Quarter 2003 issue of URA's Property Market Information Publications on Private Residential Properties, Commercial & Industrial Properties and Details of Projects Under Development.

25. With effect from 1st Quarter 2003, the publications will only be available in electronic version as part of the Government wide effort to promote the use of electronic means to disseminate information.

26. Interested readers can purchase and download the digital copies of the publications at $35 (inclusive of GST) any time through Internet at the URA web site http://www.ura.gov.sg (go to "Property Market Data" ==> "Buy Digital Publications Online").

27. Subscribers of REALIS can obtain the information from the system after 12.30 pm today.

This press release is also available at URA-Online at http://www.ura.gov.sg.

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