Leasing demand for residential properties in Singapore remained robust in the first two months of this year as transactions hovered above 3,000 each month, according to Savills Research.
Its data showed that there were 3,446 leasing transactions in February 2012, down 5 percent on-month. But Savills said February’s transactions were still higher than the 2,767 transactions recorded a year ago.
Based on deals closed by Savills, the average rent for studio apartments and one-bedroom units was S$6.21 per square foot per month in Q1 2012.
Savills said selected small-format units were seen fetching attractive rents, particularly for the centrally-located properties.
These included a 600-square-foot unit at The Suites @ Central along Devonshire Road, which was rented for S$5,000 per month.
It was followed by two 592-square-foot units at Martin Place Residences along Martin Road, which were let at S$4,200 per month.
By square footage, the highest rent was for a 458-square-foot studio apartment at Illuminaire on Devonshire which was rented at S$8.73 per square foot per month.
Savills said rents were equally attractive among the smallest units.
Three 334-square-foot units at Prestige Heights along Balestier Road were let for between S$2,200 and S$2,450 per month or between S$6.40 and S$7.34 per square foot per month.
Based on data released by the Urban Redevelopment Authority, island-wide median rents of all non-landed properties, excluding executive condominiums, continued to rise to S$3.53 per square foot per month in February, increasing 1 percent on-month and 8 percent on-year.
Savills said the leasing transaction value for the first two months has reached S$35 million, 15 percent higher than the previous year.
The average monthly rent of high-end non-landed residential properties tracked by Savills was S$5.17 per square foot per month in Q1 2012, dipping 2 percent on-quarter.
On a year-on-year basis, prime rents fell 5 percent from S$5.45 per square foot per month in Q1 2011.
Savills added that with a continual relocation of expatriates from troubled economies in the West, leasing demand continues to strengthen in Singapore, putting greater upward pressure on rents.
Source : Channel NewsAsia – 24 Apr 2012
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Residential rents seen buoyant in Q2 | ||||||
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By Timothy Loh The volume of residential leases is expected to be buoyant in this current quarter (Q2), even as hiring slows and businesses are looking to restructure their expatriate manpower needs, according to Savills. With home prices on the rise and the recently implemented Additional Buyer's Stamp Duty, lease demand has been increasing and is expected to continue doing so, especially for non-landed homes. The trend is already showing in the first two months of this year which saw the total number of transactions hovering above 3,000 for each. In February alone, 3,446 transactions were recorded. Although the figure is a 5 per cent drop from the previous quarter, it remains higher than the 2,767 transactions recorded in the same month last year. Median rents islandwide continued to increase for both landed and non-landed residential homes, excluding ECs. For non-landed homes, rents edged up one per cent month-on-month to hit $3.53 per sq ft per month in February. This represents an 8 per cent increase on a year-on-year basis. As for landed property, median rents rose 6 per cent month-on-month to $2.77 psf per month, a 14 per cent rise from the year-ago period. Taken together, islandwide median rents for the first two months of this year reached a transaction value of $35 million, a 15 per cent increase from the previous year. Alan Cheong, head of research and consultancy at Savills Singapore, attributed rising prices to the issue of expatriate manpower. "With a continual relocation of expatriates from troubled economies, leasing demand continues to strengthen here, putting greater upward pressure on rents." For high-end, non-landed residential property tracked by Savills, the average monthly rent dipped 2 per cent on a quarterly basis to $5.17 in the first three months of the year. On a year-on-year basis, prime rents dropped 5 per cent from $5.45 psf per month in Q1 last year.
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