Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven

Remembering Lee Kuan Yew - Thank you - The nation with you in your final journey - See u in heaven
Presented to you by Property Smart Investor- A Real Estate Online Education and Discussion

Wednesday, 10 June 2015

Suburban condo rents fare worse

Suburban condo rents fare worse

 Suburban condo rents fare worse. HDB flat rents unchanged but may dip with competition from condos 
http://propertysmartinvestors.blogspot.sg/2015/06/suburban-condo-rents-fare-worse.html

CONDO rents declined last month in the wake of new homes flooding the market but overall rents of Housing Board flats stayed unchanged.
Rents of private apartments slipped 0.6 per cent from April to May, according to SRX Property flash estimates. They are also down 6 per cent from May last year.
The cause is one of simple supply and demand, with many completed units coming on to the market, especially in the suburbs, said SLP International executive director Nicholas Mak.
Rents for suburban condos fared the worse in May, down 1.5 per cent from April and 6.1 per cent below May last year.
signupalreadymember
Central region condo rents rose 0.2 per cent in May but were down 5.6 per cent from a year earlier while city fringe rents dipped 0.6 per cent in May but were down 4.5 per cent year on year.
Central region and city fringe condo rents may continue to be supported by a "flight to quality", as rents weaken and tenants find better-located units for a comparable rent. -- ST PHOTO: ALPHONSUS CHERN 
Mr Mak noted that central region and city fringe rents will continue to be supported by a "flight to quality", as rents weaken and tenants find better- located units for a comparable rent.
The increasing number of private homes to be completed in the coming months will send rents down by up to 7 per cent for the year, said R'ST Research director Ong Kah Seng.
Condos that received temporary occupation permits in the first quarter included the 501-unit Hedges Park Condominium in Flora Drive, Loyang, and Woodhaven in Woodgrove Avenue in Woodlands, which has 298 units and 39 terraced homes.
Archipelago in Bedok Reservoir Road, which has 553 units and 24 houses, the 622-unit The Luxurie in Compassvale Road and the 610-unit River Isles in Edgedale Plains are expected to be completed this year.
Overall HDB rents were down 2.3 per cent in May from the same month a year earlier with some segments faring better than others.
Mature estate rents fell 0.3 per cent from April to May and were down 1.8 per cent year on year.
Rents at non-mature estates rose 0.2 per cent in May but were off 3 per cent from the same month last year.
The HDB rental market has been affected by many mass market condos competing for tenants as well, said ERA Realty key executive officer Eugene Lim. A two-bedroom mass market condo unit used to rent for just over $3,000 a month but can now go for under that, he noted.
"A further slight decline is possible for HDB rents, but I don't expect a major decline as a support level has already been found," he said.
Five-room HDB flats are now rented at $2,300 to $2,400 a month. A five-roomer in a non-mature estate could be let at $2,200 to $2,300 while one in a mature estate may go for about $2,500, he noted.
"The difference used to be more. For example, a five-room HDB flat in Clementi could have been rented out at close to $3,000 per month two years ago," added Mr Lim.
"We're looking at an across- the-board weakening of HDB rents, starting from last year. This year and going into next year, we'll see many new mass market condos coming onstream as well. All of them will be fighting for tenants."
The Straits Times/ Money                                   Published on Thursday, 11 June 2015

By Rennie Whang                                               wrennie@sph.com.sg


Suburban condo rents fare worse

Please click the following for other Related Readings:





Sales of 2 condos at Sentosa Cove raise hopes of rebound

Corridors of discontent at Pasir Ris One

Freehold redevelopment site in Katong up for tender

33 Parklane basement units for sale

 Warehouse market faces challenges in short term: Reit boss

Slower sales, fewer visitors hit Q2 shop rents

$483m top bid for private home site in Queenstown

More details of new HDB scheme revealed

Pasir Panjang Terminal's $3.5b expansion kicks off

Eye on Lavender: Transformation in progress

Centrale 8 in spotlight over defects

Private home prices 'could fall another 10% in next 2 years' 

Buy resale flat near parents? Financial help is key: Experts


Dawson's SkyVille and SkyTerrace projects are raising the bar for stylish public housing 

In pictures: Stylish BTO projects at Dawson's SkyTerrace and SkyVille

24% apply for BTO flats under schemes to help families live closer together: Minister Khaw Boon Wan 

Singapore surprised by Malaysian transport agency stating preference to end high-speed rail in Johor

Malaysia's transport agency says CEO misquoted on high-speed rail 

 Sungei Pandan waterfront site may yield 600 homes

Toa Payoh private residential site draws 14 bids

Protecting property agents and consumers

















Lakeside project launched in Iskandar

Developers face hefty extension charges over unsold units (Amended)

Govt releases new developer rules on show units, sales data

Changes to Housing Developers (Control and Licensing) Act effective May 25

Government releases EC site in Choa Chu Kang for sale



More companies buying strata offices

Bids for Paya Lebar site likely to top $1b - Government Land Sale (GLS)

Please see Related Issues :

My Tribute to Mr Lee Kuan Yew - Remembering Lee Kuan Yew - The world should know his stories, his contribution and his final journey - The Legend - He will be in the heart of every Singaporean 

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)