47% of residential units remain unsold

As private home price growth decreases to 2% in 2Q11.

The Urban Redevelopment Authority released the real estate statistics for 2nd Quarter 2011.

PRIVATE RESIDENTIAL PROPERTIES

Prices and Rentals
The rate of price increases continues to moderate. Prices of private residential properties increased by 2.0% in 2nd Quarter 2011, lower than the 2.2% increase in the previous quarter. This was the 7th consecutive quarter in which the rate of increase in private housing prices had moderated.

Prices of non-landed properties in Rest of Central Region 1 and Outside Central Region increased at a more moderated pace. Prices of non-landed properties in RCR and OCR increased by 1.1% and 1.7%, lower than the increase of 2.0% and 3.1% in the previous quarter. Prices in the Core Central Region 2 increased by 1.6% in 2nd Quarter 2011, faster than the 1.1% increase in the previous quarter.

Rentals of private residential properties increased by 1.3% in 2nd Quarter 2011, compared with the 1.2% increase in the previous quarter.

Supply in the Pipeline
The supply of residential units in the pipeline continues to build up. As at the end of 2nd Quarter 2011, there was a total supply of 71,111 uncompleted private residential units from projects in the pipeline, higher than the 68,887 units in 1st Quarter 2011

Of the supply in the pipeline, 33,899 units remained unsold as at 2Q2011. The unsold units comprised 10,309 units in CCR, 7,610 units in RCR and 15,980 units in OCR.

Launches and Take-up
A total of 4,802 uncompleted private residential units were launched for sale by developers in 2nd Quarter 2011, compared with 4,130 units in 1st Quarter 2011. At the same time, 4,325 uncompleted private residential units were sold by developers, compared with 3,430 units in 1st Quarter 2011. Developers also sold 119 completed private residential units in 2nd Quarter 2011.

Sub-sales
Sub-sales accounted for 7.4% of all sale transactions in 2nd Quarter 2011, lower than the 8.3% recorded in 1st Quarter 2011.

Stock and Vacancy
The stock of private residential units increased by 2,054 units in 2nd Quarter 2011. At the same time, the vacancy rate of completed private residential units increased from 4.9% as at the end of 1st Quarter 2011 to 5.1% as at the end of 2nd Quarter 2011.

Executive Condominiums
The total stock of completed Executive Condominium units remained at 10,430 units as at the end of 2nd Quarter 2011. In addition, there were 4,194 EC units in the pipeline.