The Government releases a wealth of housing information every quarter, including price data for private property. In particular, its quarterly price index is widely used as a price gauge. It has added to the information trove in recent months with all the figures avaliable online at www.ura.gov.sg
Joyce Teo and Rachel Chang navigate some of the key data
Price index for private homes
What it is
This shows the overall price movements of all types of private homes.
It is based on caveats lodged and captures only the purchase price of the property, excluding other fees such as stamp duties or commission.
Collective sales are excluded because these are usually done at prices higher than individual deals.
Buyers typically lodge a caveat to protect their interests on a property after they have exercised an option to buy or have signed a sale and purchase agreement. The table below shows that prices of private homes rose 8.3 per cent in the second quarter, compared with a rise of 4.8 per cent in the first quarter.
Why it is important
This tracks the price movement of private properties over time, providing a quick, overall idea of market performance. It is widely used by property industry professionals as an indication of how the market is performing in terms of prices.
Price index of non-landed homes by region and completion status
What it is
This is an index that shows you the price movements of homes located in different areas.
The core central region comprises postal districts 9, 10, 11, downtown core and Sentosa.
The central region comprises 22 areas, including downtown core, Orchard, Newton, River Valley, Bishan, Bukit Timah and Toa Payoh.
Outside the central region refers to other areas in Singapore, such as Pasir Ris and Jurong. The table also shows the price index for properties that are completed versus those being built.
Why it is important
It gives a more accurate picture of the market, as location is a key factor in property prices.
For instance, homes in prime areas such as Orchard Road have typically attracted stronger investor demand and, hence, more significant price increases.
The prime districts are where most luxury developments can be found. Singapore buyers usually prefer brand new homes and tend to pay a premium for them.
Uncompleted homes also attract speculators or investors hoping for quick price appreciations.
Residential rental index
What it is
It shows the rental price movements of private homes and is compiled by the Inland Revenue Authority of Singapore.
The URA has also made available additional rental data that includes the median rentals of individual projects, if there had been at least 10 deals done in the quarter.
Why it is important
The index gives an idea of how the private rental market is performing.
Number of sub-sales done
What it is
This table shows the number of sub-sale units sold in a quarter, based on caveats lodged. Sub-sales refer to the quick resale of uncompleted homes.
In the second quarter, there were 1,254 sub-sales, which made up 9.7 per cent of total sales. The URA also provides data on sub-sales done in the core central region, rest of the central region and outside the central region.
Why it is important
Sub-sales are a proxy of speculative activity. The table indicates how widespread speculation is.
At the property peak in the second quarter of 1996, when speculation was rife, sub-sales formed about 28 per cent of all private home deals.
That prompted the Government to introduce a package of anti-speculation measures that brought down the market.
Number of new homes sold
What it is
This shows how many units of new homes, be it completed or not, were sold in a quarter.
Figures are compiled from option data given by developers via a quarterly survey. This data refers to the option a developer gives to a buyer when the latter pays a booking fee to buy a property.
The buyer then has to exercise the option - this is where he signs the sale and purchase agreement - if he decides to buy the property.
The table below shows that sales volume has risen dramatically this year. The data by areas shows the sales done in the different market sectors.
Why it is important
Sales figures indicate demand. For instance, the second quarter’s record take-up rate of 5,129 completed and uncompleted units reflects the strong confidence in the residential market.
The table also shows which market segment has done better in a given quarter.
For example, in the first quarter of this year, the market continued to be led by the high-end segment. Sales increased in the core central region as developers unveiled luxury projects at record high prices.
The contrast to the second quarter of the year can be seen as more sales were done in places outside the central region. This underlines the notion that the mass market sector has recovered.
Number of homes to be completed in the coming years
What it is
This table shows the supply coming on stream in the next few years and includes developments that are already under construction, as well as those with written or provisional permission to build.
The ‘others’ category refers to planned projects that have yet to get written or provisional permission, and can be ignored. These projects are not included because they have not been firmed up yet, and there is a high likelihood of changes made by developers at a later stage.
Why it is important
The data gives you an idea of how many homes will be completed each year.
It allows for a clearer picture of the market.
Currently, there is a short-term supply crunch in the residential market, which has helped increase rentals.
The Government has said there are enough homes to cater to demand over the next three to five years.
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