Home prices up 2.2% in 1Q 2011

Prices of industrial, office and shop properties also increased by 8.3% 4.9% and 0.5% respectively.

According to the Urban Redevelopment Authority, rentals of private residential properties, office, shop and industrial properties increased by 1.2%, 5.4%, 0.8% and 6.3% respectively in the 1st Quarter 2011.

As at 1st Quarter 2011, there were 68,887 private residential units in the pipeline, comprising supply from projects already under construction and those that had been granted planning approval but where construction had not yet commenced. The pipeline supply of 68,887 units was the highest level ever recorded since such data was first made available in 1999. Of these, 34,266 units were still unsold. This number is equivalent to about 3 years of supply based on the average take-up1 of about 11,400 units per year over the last 3 years.

For the office sector, there was a pipeline supply of about 994,000 sq m Gross Floor Area (GFA) of office space from various Government and private land sources. Of the supply in the pipeline, about 30,491 private residential units and about 705,000 sq m GFA of office space were expected to be completed between 2nd Quarter 2011 and 2013. This is based on developers’ declarations. The actual completion schedule may change from quarter to quarter as developers adjust their development plans or construction schedule according to market conditions.