SUMMARY

Prices of private residential properties increased by 5.3% in the 2nd Quarter

2010.

Rentals of private residential properties increased by 5.9% in the 2nd Quarter

2010.

As at 2nd Quarter 2010, there were 61,831 private residential units in the
pipeline, comprising supply from projects already under construction and those
that had been granted planning approval but not yet constructed. Of these,
32,630 units were still unsold. This number is equivalent to about 3 years of
supply based on the average take-up1 of about 11,300 units per year over the
last 3 years. About 37,910 private residential units were expected to be
completed between 3rd Quarter 2010 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.

Prices

Overall prices of private residential properties increased by 5.3% in 2nd Quarter

2010, compared with 5.6% increase in the previous quarter.

Prices of non-landed properties increased by 5.0% in 2nd Quarter 2010,

compared with 4.9% increase in the previous quarter. Prices of apartments
increased by 5.2%, while prices of condominiums increased by 5.0%.

Prices of non-landed properties in Core Central Region2 (CCR) increased by

5.4% in 2nd Quarter 2010, and prices of non-landed properties in Rest of Central
Region3 (RCR) and Outside Central Region (OCR) increased by 4.6% and 5.7%
respectively.

Prices of landed properties increased by 6.2% in 2nd Quarter 2010, compared

with 8.3% in the previous quarter. Prices of detached, semi-detached and terrace
houses increased by 6.8%, 6.0% and 5.6% respectively in 2nd Quarter 2010.
Rentals

Rentals of private residential properties 4 increased by 5.9% in 2nd Quarter 2010,

compared with 4.7% increase in the previous quarter.

Rentals of non-landed properties in CCR, RCR and OCR increased by 6.4%,

5.1% and 6.1% respectively in 2nd Quarter 2010.

Supply in the Pipeline

As at the end of 2nd Quarter 2010, there was a total supply of 61,831
uncompleted units of private housing from projects in the pipeline 5. Of these,
32,630 units were still unsold. These comprised 3,468 units that had been
launched for sale by developers and 10,997 units which had the pre-requisite
conditions for sale and could be launched for sale immediately. The remaining
18,165 units with planning approvals did not have the pre-requisite conditions for
sale6.

Of the 61,831 units, 37,910 units were expected to be completed between the
3rd Quarter 2010 and 2013, of which 29,222 units were already under
construction7. Developers had obtained planning approvals8 for projects making
up the remaining 8,688 units.

Of the 61,831 uncompleted units of private housing from projects in the pipeline,
21,354 units, 17,612 units and 22,865 units were in CCR, RCR and OCR
respectively.

In addition to the supply in the pipeline above, the Government had in May 2010
ramped up the supply of private housing via the Government Land Sales (GLS)
Programme for the 2nd Half of 2010 (2H2010) to meet the strong demand for
private housing and land for residential developments. This comprises 18 sites
that can potentially yield 8,135 private residential units on the Confirmed List, and
13 sites that can potential yield another 5,770 private residential units on the
Reserve List. Collectively, the GLS Programme can potentially yield 13,905
private residential units, including 2,360 Executive Condominium units. This is
the highest potential supply quantum from any half yearly GLS Programme since
the Confirmed List/Reserve List system started in 2H2001. It is also over and
above the supply of 6,270 units from 16 sites that were earlier sold under the
GLS Programme for the 1st Half of 2010 (1H2010). Most of the sites in the
1H2010 and 2H2010 GLS Programme are located in OCR or in locations in RCR
where more affordable private housing is expected to be built.
Launches and Take-up

A total of 4,180 uncompleted private residential units were launched for sale by
developers in 2nd Quarter 2010, compared with 4,372 units in 1st Quarter 2010.
Of the 4,180 uncompleted units launched in the quarter, 558 units were in CCR,
1,903 units were in RCR, and 1,719 units were in OCR. Major residential projects
launched in the quarter included Waterbank at Dakota at Dakota Crescent (616
units), The Minton at Hougang Street 11 (500 units of a total of 1,145 units),
Tree House at Chestnut Avenue (429 units), The Cascadia at Bukit Timah Road
(remaining 349 units of a total of 536 units) and The Interlace at Depot Road
(230 units of a total of 1,040 units).

In 2nd Quarter 2010, 3,955 uncompleted private residential units were sold by
developers, compared with 4,351 units in 1st Quarter 2010. Of the 3,955
uncompleted units sold in the quarter, 672 units were in CCR, 1,663 units were in
RCR, and 1,620 units were in OCR. Developers also sold 78 completed private
residential units in 2nd Quarter 2010.

Sub-sales

The total number of sub-sales was 723 in 2nd Quarter 2010, compared to 996
sub-sales in the previous quarter. In percentage terms, sub-sales accounted for
7.7% of all sale transactions in 2nd Quarter 2010, compared to 9.6% in 1st
Quarter 2010. The number of sub-sales in CCR in 2nd Quarter 2010 accounted
for 14.7% of the property sale transactions in this area in the quarter, compared
to 11.9% in the previous quarter. The percentage of sub-sales in 2nd Quarter
2010 for RCR, at 6.2%, was lower than the 12.1% in the previous quarter. In
OCR, the percentage of sub-sales in 2nd Quarter 2010 was 5.8% which was
lower than the 6.7% in the previous quarter.

Stock and Vacancy

A total of 4,379 private residential units were completed (granted TOP) in 2nd
Quarter 2010. Major residential projects completed in the quarter were One
Amber at Amber Gardens (562 units), Marina Bay Residences at Marina
Boulevard (428 units), Dakota Residences at Dakota Crescent (348 units) and
The Arte at Jalan Raja Udang (336 units).

The vacancy rate of completed private residential units increased from 4.6% as
at the end of 1st Quarter 2010 to 5.4% as at the end of 2nd Quarter 2010.
Executive Condominiums

As at the end of 2nd Quarter 2010, there were 981 Executive Condominium (EC)
units in the pipeline. The total stock of completed EC units remained at 10,430
units as at the end of 2nd Quarter 2010. As at the end of 2nd Quarter 2010, the
vacancy rate was 0.4%, lower than the 0.6% as at the end of the previous
quarter.

1 Take-up refers to the number of private residential units, including Executive Condominium
(EC) units, sold by developers.
2 Core Central Region comprises postal districts 9, 10, 11, Downtown Core Planning Area
and Sentosa.
3 Rest of Central Region comprises of the area within Central Region that is outside postal
districts 9, 10, 11, Downtown Core Planning Area and Sentosa.
4 URA’s rental data for private residential properties are compiled based on IRAS’ records of
rental contracts for such properties where leases commenced in the reference quarter.
5 In this press release, supply or projects in the pipeline refers to new development and
redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or
Written Permission (WP). A WP is a final approval, as compared with a PP, granted under
the Planning Act for a proposed development.
6 Refers to uncompleted private residential developments without pre-requisites for sale but
with WP or PP granted. The sale licences could be obtained within 5 working days and
building plan approvals could be obtained within 7 working days from the date of application
for cases where clearances from various technical agencies are obtained and relevant
documents are in order during formal submissions.
7 The expected completion dates of private residential projects in the pipeline are provided by
the developers of these projects.
8 Planning approvals refer to either PP or WP.