Prices of office spaces in singapore have risen to record high

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PRICES OF OFFICE SPACES IN SINGAPORE HAVE RISEN TO RECORD HIGH

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24 Oct 2014 - 3:10pm








The Urban Redevelopment Authority (URA) released the real estate statistics for 3rd Quarter 2014 today.

For the prices of residential properties, there was a slower decline of 0.7% in 3rd Quarter 2014, as compared to a decline of 1.0% in the previous quarter.
However, when looking at the long term trend, prices continue to remain high and still hovered at the same level as 2012.

There is also an increase in the number of unsold units of private residences. In 3rd Quarter 2014, 1,294 uncompleted private residential units (excluding Executive Condominiums, ECs) were launched for sale, as compared to a higher 2,843 units in 2nd Quarter 2014.

However, in 3rd Quarter 2014, developers only managed to sell 1,531 private residential units (excluding ECs), as compared to the 2,665 units that were sold in 2nd Quarter 2014.

Even though private residential prices declined slightly, prices of office spaces are on the upward trend. Prices of office space increased by 1.6% in 3rd Quarter 2014.

This means that the prices of office spaces are at their record high.







When it comes to the prices of retail space, there is only a slight dip of 0.2% in 3rd Quarter 2014.

This is even though there is an abundance of retail space available. Where the occupied retail space increased by only 15,000 sq m (nett) in 3rd Quarter 2014, the stock of retail space actually increased by 52,000 sq m (nett).

Over the last few years, we have seen a spate of furious construction of shopping malls in Singapore, which might have contributed to this glut.

The release also showed that over the past five years, there was a sudden spike in the number of completed executive condominiums launched. From 2010 to 2014, there was a total of 12,467 completed ECs launched. But from 2005 to 2009, there was only 511 completed ECs launched.

In the next five years, another 14,131 ECs are expected to be completed.

Earlier, Minister of National Development Khaw Boon Wan announced that the number of Build-to-Order (BTO) flats to be launched next year will be reduced by 25 per cent.
It is unclear why the number of executive condominiums will buck this expectation, even though nearly 90% of Singaporeans live in public housing flats.


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