Real Estate Glossary: N - Z

N

Nett Floor Area: All the covered floor space in a building excluding common areas such as staircases, lifts, passageways, corridors, toilets etc.

Non-Landed Property: This refers to apartments and condominium housing.

New Sale: The sale of a unit direct by a developer before the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

O

Occupancy Rate: The percentage of the existing stock that is occupied. Occupancy rate is used for hotel rooms (see Vacancy Rate).

Occupied Units/Space: Available units/space that are/is physically occupied by owners or tenants.

Office Space: The space used or intended to be as a place of business and for conducting administrative work such as agency, banking, legal, architectural, engineering and other professional services. Commercial schools are excluded.

Outside Central Area: It comprises the Fringe Area (part of Central Region), East Region, North East Region, North Region and West Region.

Outside City Area: It is also called Outside Central Area. It comprises the Fringe Area (part of Central Region), East Region, North East Region, North Region and West Region.

Ownership of Private Residential Unit: The residential status of the individual purchasers of uncompleted private residential or owners of completed private residential units, categorised as either Singapore citizens, Singapore permanent residents or foreigners. If the unit is bought or owned by a business establishment, it is classified as being bought or owned by a 'Company'.

P

Planned Developments: Projects on which construction has not started, comprising projects with planning approval or are under consideration, as well as public projects and projects on Government Land Sales sites for which plans have not been submitted to URA for planning approval.

Planning Region
: Singapore is divided into 5 areas called planning regions to facilitate the planning of the use and development of land for the whole of Singapore. The 5 regions are Central Region, East Region, North East Region, North Region and West Region. Each Planning Region consists of several planning areas which are further divided into sub-zones. A Development Guide Plan (DGP) is prepared for each planning area.

Pre-Requisites for Sale: The requirements that developers of residential projects must meet before they can sell their residential units; namely the Housing Developer Sale Licence and the Building Plan Approval.

Price: The price agreed between the purchaser and the vendor for property and land. It excludes stamp duties, agency fees, legal and other professional fees.

Private Land Projects: Projects that are developed on privately-owned land.

Private Sector: This refers to individuals, organisations or companies registered with the Registry of Companies or the Registry of Business Names. It includes clan associations and other organisations registered under the Society Act, Charity Act, Cooperative Societies Act etc.

Property Price Index: The ratio of the current price per square metre compared to that in the 4th Quarter of 1998. It is used to monitor the movement of private properties in Singapore.

Provisional Permission: This refers to the conditional approval granted by the Minister for National Development or the Competent Authority to develop any land subject to conditions in accordance with the development rules in force.

Public Sector: This refers to the public authorities, which are government ministries, departments or statutory boards created by an Act of Parliament.

Q

R

Rental: The gross rent per month including service charge but excluding Goods and Services Tax (GST).

Rental Index: The ratio of the current rental per square metre per month compared with that in 4th Quarter 1998. It is used to monitor the general rental movement of private properties in Singapore.

Resale: The sale of a unit by a developer or subsequent purchaser after the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

Residential Unit: A building or a contiguous space in part of a building used for housing. It can be a detached house, semi-detached house, terrace house, townhouse, apartment, condominium, strata detached, strata semi-detached or cluster housing unit.

Rest of Central Area: It comprises the following 9 Planning Areas :Outram, Museum, Newton,River Valley, Singapore River, Marina South,Marina East, Straits View and Rochor. It excludes the Orchard and Downtown Core Planning Areas.

Rest of City Area: It refers to Central Area outside Orchard Planning Area.

S

Single User Factory: This refers to a factory building that has a single occupier and is used for a purpose solely related to that occupier.

Shop Space: The space used or intended to be used for any trade where the primary purpose is the sale of goods by retail, for example, provision shop, take-away food shop, departmental store. Space used for the provision of services, such as tailoring, barber/beauty salon, photographic and medical services are also included.

Sold
: A unit is considered to be sold when the developer has given the purchaser the option to purchase upon payment of a booking fee.

State Land: Land leased directly from the Singapore Land Authority (SLA), JTC Corporation, and the Housing and Development Board (HDB).

Stock: Completed units or space, whether occupied or unoccupied, that is available for physical occupation. 

Subsale: The sale of a unit by one who has signed an agreement to purchase the unit from a developer or a subsequent purchaser before the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

Supply in the Pipeline: The supply of space in approved or planned projects which are under construction as well as those on which construction has not started yet.

T

Time Series: A set of data which shows how the value of a variable changes over time.

TOP Date: The last date that a Temporary Occupation Permit was issued for a completed project or the latest date a Temporary Occupation Permit was issued for a partially completed project.

U

Under Construction: A project is deemed to be under construction when a permit to commence building works in respect of that building is issued by the Commissioner of Building Control.

V

Vacancy Rate
: The percentage of the existing stock that is vacant. Vacancy rates are used for private residential properties, office space, shop space, factory space and warehouse space (see Occupancy Rate).

Vacant Units/Space: Available units/space that are/is not physically occupied.

W

Warehouse Space: Covered space used or intended to be used predominantly as storage area for raw materials, semi-finished or finished goods. The statistics exclude space in shophouses used for storage.

Written Permission: The approval granted by the Minister for National Development or the Competent Authority to develop any land subject to conditions in accordance with the development rules in force.

X

Y

Z

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Janet Fong
*SNR Associate Director, CEA BOUQUET JAN/FEB 2016
ORANGETEE & TIE PTE LTD
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