Friday, October 26, 2012

35,000 private flats will be completed in 2013 and 2014

If you are renting your accommodation in Singapore and tired of ridiculously high rental problems, there may be a relief in horizon. A huge supply of 35,000 private flats will be completed in 2013 and 2014. This will add a lot of rental units in the market where rents and prices were increasing non-stop since 2009.

The number of completed private flats is increasing every year since 2009. In 2010, 9,900 units were completed. In 2011, this number was 11,700 and in this year, 12,500 units will be completed.  Most of these units, almost 10 percent, will be completed in Bedok planning area which is followed by Geylang, Hougang, Newton and Novena. The final numbers may be as large as 40,000 since the good property sales of these days may bring many projects forward and result in early completion.

Currently, Singapore is the ninth most expensive city to rent property in the world, and third most expensive city in Asia. This is despite a moderate increase in the prices in 2011. Average rent for an unfurnished 4 room (3 bedroom) apartment in Singapore rose 3% in 2011 in Singapore dollar terms, one of the lowest in the region. In 2010, rents rose over 10%.

And even before the supply flow hit the shores, it is already a renters market in Singapore so bargain hard to lower the asking rental prices. According to Rent in Singapore web site, as of October 2012, it is pretty much a renters' market in Singapore. Rentals have been under pressure lately because of the recent worldwide economic downturn and a supply flow of new apartments coming online in 2012, 2013 and 2014.

If condo rents in Singapore is hurting your budget, you can choose to rent an HDB instead of a condo which is much cheaper and larger with the same price (See It makes more sense to rent HDB instead of Condominium).

[1] - Singapore among world’s most expensive cities to rent property
[2] - Frequently Asked Questions about renting a home in Singapore

1 comment:

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