Monday, October 27, 2008

URA Data Shows More Completions Put On Hold

Source : The Business Times, October 25, 2008

URBAN Redevelopment Authority yesterday gave the public greater access to data on property supply in the pipeline, particularly for private homes, detailing the expected year of completion, location of the supply by regions, and development status.

The additional information was included in URA's press release on Q3 2008 real estate data, although the information has always been available through its Realis system.

There were 66,422 uncompleted private homes from projects in the pipeline (with either provisional or written permission) as at end-Q3 2008, of which 23,008 units were in Core Central Region, 19,736 units in Rest of Central Region and 23,678 in Outside Central Region. About 51 per cent of the 66,400-plus total units in the pipeline are under construction.

URA said that 37,051 private homes are scheduled for completion between Q4 this year and end-2011. This is 20 per cent or 9,429 units lower than the 46,480 units slated for completion between Q3 2008 and end-2011 listed in URA's end-Q2 data.

Of these, 2,195 units were completed in Q3 this year and have hence been removed from the supply pipeline. Other completions have been put on hold as some developments have been postponed. Weak market sentiment and higher construction costs have also delayed the construction of some projects.

Notwithstanding this, the 66,422-unit total supply of new private homes in the pipeline is not far off from the 67,569 units as at end-Q2 2008. More of these homes may now see completion post-2011.

URA's data also showed that about 1.03 million sq m of office space, 500,000 sq m of business park space and 685,000 sq m of retail space are expected to be completed between Q4 this year and end-2011.

Projects that received provisional permission in Q3 include MGPA's office, hotel and mall development at Marina View and a 46,010 sq m retail project at Serangoon Central by a unit of Pramerica Real Estate Investors (Asia). SingTel was also given approval for additions/alterations to its existing Pickering Operations Complex and City Exchange at George St/Pickering St. The approval is for 7,860 sq m of offices and 300 sq m of shop space.

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