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Thread: Private home rental rates go up

  1. #1
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    Default Private home rental rates go up

    http://www.straitstimes.com/Money/St...ry_792368.html

    Private home rental rates go up

    Published on Apr 25, 2012

    By Gan Yu Jia


    THE rent for a private two-bedroom apartment is fast approaching $3,000 a month after rates rose again in February, according to a Savills Research report.

    It found that the median rent for non-landed property, excluding executive condominiums, increased by about 1 per cent in February to $3.53 per sq ft (psf).

    This works out to a median rent of $2,824 a month for an 800 sq ft apartment, and is a 1 per cent rise from January and 8 per cent up on the same month last year. The median rent for landed homes was $2.77 psf a month in February, up 6 per cent month- on-month and 14 per cent from a year ago.

    The report said median rents for both non-landed and landed properties are 'fast approaching their peak levels'.

    Savills also found that the value of leases taken out on landed and non-landed homes, excluding exec condos, totalled $16.8 million in February. This was down 8 per cent from January but well up on the $13 million in February last year. The value for the first two months of the year was $35 million, 15 per cent higher than a year ago.

    The average monthly rent for prime flats tracked by Savills dipped 2 per cent from the last three months of last year to $5.17 psf a month, and is down 5 per cent from a year ago.

    Based on the deals closed by Savills, the average rent for studio apartments and one-bedroom units was $6.21 psf a month in the first quarter of this year.

    The report noted that certain smaller units were getting attractive rents, particularly if they are centrally located. 'For instance, a 600 sq ft unit at The Suites at Central along Devonshire Road was rented for $5,000 per month... (and) two 592 sq ft units at Martin Place Residences along Martin Road were let at $4,200 per month,' it said.

    The report added that rents were equally attractive among the smallest units: 'Three 334 sq ft units at Prestige Heights along Balestier Road were let for between $2,200 and $2,450 per month'.

    Savills said leasing demand was robust in the first two months of this year, with transactions hovering above $3,000 a month. While the 3,446 leasing transactions made in February was a 5 per cent drop from January, they were well up on the 2,767 recorded last February.

    Savills expects the number of leases to be buoyant in the September quarter, possibly surpassing that seen this quarter.

    But it added that leasing transaction volume for landed homes may fall, 'as supply remains limited and asking rents hit a peak'.

    Rents for non-landed homes are expected to keep rising by 1 to 2 per cent in coming months as increasing numbers of smaller units enter the market and rental budgets shrink.

  2. #2
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    Quote Originally Posted by reporter2
    http://www.straitstimes.com/Money/St...ry_792368.html

    Rents for non-landed homes are expected to keep rising by 1 to 2 per cent in coming months as increasing numbers of smaller units enter the market and rental budgets shrink.
    I don't understand the market dynamic. Rental budget shrink and supply is increasing but rental is going up?

  3. #3
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    Quote Originally Posted by avo7007
    I don't understand the market dynamic. Rental budget shrink and supply is increasing but rental is going up?
    A last week article said it was due to enbloc owners temporary renting.

  4. #4
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    Quote Originally Posted by hyenergix
    A last week article said it was due to enbloc owners temporary renting.
    there ain't that many enbloc deals in the past 1-2 years

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    Quote Originally Posted by eng81157
    there ain't that many enbloc deals in the past 1-2 years
    I think the data is strange also. I thought it was coming down just a few months back. Prob need to check with the property agents who had done these deals.

  6. #6
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    Default S'pore moves up to No. 4 in list of desirable places to work

    Published on May 3, 2012

    Singapore has moved up a notch to fourth most desirable place to live and work while Hong Kong remains unchanged at No. 6, according to a new survey.

    The United States remains the most popular destination with Britain and Australia next, although their popularity is waning.
    The survey's better reading for Singapore over a year earlier mirrors the increasing trend of multinational corporations setting up shop here.

    Information technology, oil and gas, pharmaceutical and engineering companies as well as commodity and corporate lawyers have been flocking here, said Mr Simon Walker, Asia managing director at global recruitment firm Hydrogen Group, which commissioned the survey.

    'These new industries growing their presence in Asia, with Singapore as their base, is one of the key drivers behind the continuous flow of talent into the country and the range of opportunities is making Singapore a very exciting destination to consider for international tenure,' he noted. 'Singapore is cleverly making itself an international player by welcoming a global workforce. The big question is whether Singapore will become Asia's Silicon Valley or its Switzerland.'

    There are clear benefits for Singapore such as more taxes collected and jobs created for locals. Half of Hydrogen's Singapore outfit comprises local staff.
    The survey - business school ESCP Europe interviewed 2,353 people from across the world at the end of last year - found that 88 per cent of professionals who have moved here felt that their living conditions had improved.

    Mr Ben Morrell, bid manager at IT firm Grass Valley, moved here from Sydney last August. He values Singapore because of its clean and safe environment and easy access to fast-growing Asia. 'There are 2.5 billion people in Asia, compared to 29 million in Australia,' he said. 'At the end of the day, Singapore is the fast track. If you have the right attitude, then the opportunities exist here.'

    Mr Walker feels the wave of foreign talent coming here will increase, despite the rising cost of living. 'Companies here are only looking for international talent if they cannot fill a vacancy from the domestic talent pool. The roles will go to the best profiles with the clearest motivations and a commitment to stay for a reasonable length of time.'

    http://www.straitstimes.com/Breaking...ry_794929.html

  7. #7
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    Did I say EP approval only take 1 day for high flyers ... not surprising rental still up .. HDB resale rental also up by 15% since January

    We take in less SPRs yes ... but EP approval process is still as easy as 1,2,3

    And if you are Spanish, Italian, Greek who has very high unemployment rate .. where would you go that is friendly to foreigners and easy to get a job? English speaking countries like Australia or SG/HK right??
    Ride at your own risk !!!

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