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Housing Market:
Singapore House and Apartment Rentals
Residential rental market in 4Q 2008:
Singapore is still one of the 10 most expensive cities for expatriates to rent housing, according to the Mercer survey from February 2009. Comparing residential rents in 300 cities for expats, Mercer placed Singapore in tenth spot, it ranked ninth in September 2008.
The Global recession has impacted rents in the first quarter of 2009 causing rents to fall 10% quarter on quarter in the core central region.
The number of incoming International Assignees remains healthy in the manufacturing sector and the Global recession does not seem to have affected them too much.
The number of residential units in the market increased by 2.7% year of year. This is an additional 243,181 landed and non-landed homes which was added to the existing stock in the first quarter of the year.
It appears that although the incoming influx of International Assignees is strong, the numbers are not enough to be able to absorb the increase in the number of units released into the market.
The Good Class Bungalow market on the other hand, has not succumbed to this trend and rents in this sector have been holding steady. The typical price for a modern Good Class Bungalow with a pool remains at $25,000.
Knight Frank Research
You may be offered homes either by district or sector numbers. Sector numbers are corresponding to the postcode and have been introduced a couple of years ago but district numbers are still in use. See Locations for more info on selecting the right district and visit the local town portals.
Proceed to the section Education and view a map of all international schools in Singapore or visit the section residential areas for detailed info on where to live and why.
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Several housing developments further out are very popular for American and French expatriate families since some international schools have moved out of the town center.
The following Town Portals are a valuable source of information on courses, shopping, services, events and much more in your new neighborhood:
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Estate Agents and Home Search Services
With a formerly long term booming economy estate agents have been mushrooming in Singapore. Many however are only part time agents and there are no laws regulating the business. Agents are paid a pro rate commission being a portion of the monthly rental by the landlords.
If your monthly housing allowance is lower than either S$ 2500 for two years rental or S$ 5000 for one year rental many agents would not like to search for a house for you as their commission will be too low. You may negotiate a fee with the agent to be paid by yourself (usually two weeks rent) or go house hunting via the classified sections in the newspapers to approach landlords directly.
We strongly suggest you work with a reputable company, an agent who knows the market in and out and is used to deal with foreigners and their special demands.
More expatriates have become victims of tricky landlords, dodgy tenancy agreements, disappearing deposits and other rental snares. According to the Consumers Association of Singapore (Case), foreigners lodged 32, out of a total of 365, complaints against real estate agents from last October to March 2009. This was a 23 per cent increase from the 26, out of 516, complaints within the same period a year earlier . The Institute of Estate Agents itself has received five complaints from foreigners since last October. None of the agents mentioned was registered with it. Commonly cited were overcharging and failure to honour agreements, especially with regard to refunds.
To make sure that you are served to the highest professional standards, we have selected Knight Frank in Singapore to cover your home search needs and to assist you in settling down in your new home by setting up telephone, cable, gas, electricity and water utilities. Use the inquiry form to contact Knight Frank. See the property portal and view selected homes for rent.
Ideally real estate agents for HDB flats can show your that they are certified by the HDB (Housing Development Board). Others may have passed by the Common Exams for Housing Agents (CEHA) or a certificate submitted by the Singapore Institute of Standard Surveyors. Many are listed with the Institute of Estate Agents (IEA). In general any person can apply for a license as an estate agent and we highly recommend that you choose an established professional to assist you in finding a new home in Singapore. Only about one-third of real estate agents here are CEHA-certified.
Note: in general you are not obliged to appoint the agent referred by your company to find you a home in Singapore. Agents in Singapore often cooperate with other agents and share the commission of the landlord. So it is best to note down which agent showed you the property to avoid repeated viewing.
Newly launched property for sale is often marketed as an investment to attract buy to let owners. In these cases property agents such as Knight Frank will be appointed as sole letting agents. This means that those attractive condominiums will hardly be available through other channels.
Knight Frank Inquiry Form
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Expatriates moving to Singapore or moving within Singapore have a vast selection of homes to choose from. Their needs vary according to their family status and their living and working conditions. How to define those needs and select a home on these given circumstances is explained in detail in Step 6 of e-relocation Singapore.
Following the e-relocation step-by-step guide will save you a lot of time of visiting unsuitable homes and will reduce time you need to spend in a temporary home such as a serviced apartment or hotel. You are enabled to make choices on your future home based on unbiased information provided from the point of view of expatriates. We have observed that expatriates take great advantage of their knowledge. e-relocation users seldom fall for any unsuitable home thus guaranteeing a smooth and quick settling in process.
Inform your company to appoint Knight Frank as your home search agent as to be able to use e-relocation Singapore, a 250 page online step-by-step guide on relocating to Singapore. Your company can save cost as this service is free of charge and neither you nor your company will be charged as opposed to traditional relocation services.
We have typecast expatriates coming to Singapore and have selected suitable homes according to their needs as shown below. There are many more available and you can search our database for an overview of all currently available house rentals in Singapore.
Selected apartments for rent for the young and trendy expatriate
- Profile
- Needs
- Selected Apartments
- Search
Single or couple, frequent travles, in need of part time cleaning services, want to live close to work and night life, dependant on public transport or taxis to move around in Singapore, sometimes needing a parking space for a company car
Work is dominating his/her life and therefore home has to be close to office with easy access to shops and entertainment. Gym, tennis and pool wanted. Alternatively the new home should be close to a club offering these facilities.
As a single
1-2 bedrooms city apartment , modern fully fitted kitchen , Cable TV, wireless Broadband Connection, fully furnished with modern bathroom fittings, gym, tennis, swimming pool.
As a couple
2 - 3 bedrooms city apartment, fully fitted home office with Internet, master bedroom and guest bedroom with en-suite bathroom, modern fully fitted kitchen , Cable TV, fully or partially furnished and modern bathroom fittings and full condominium facilities.
Selected apartments for rent for the expat family in Singapore
- Profile
- Needs
- Selected Homes
- Search
The typical situation for couples with young children: while he is working, she has given up her job and plans to start a family or they already have a very small child. These families want to bring up their children in a safe environment and love light homes surrounded by greenery. They are keen to live close to other expatriate families with young children.
The typical situation for couples with children schooling: Father is typically in an upper management position and travels the region and the family is depending on a close knit expatriate community. Mother is mainly taking care of the children but enjoys her new freedom and more leisure time as a live-in maid takes over the household chores and baby sits. The home must be spaced and ideally have a garden. Its location must be served by the busses of international schools as children's activities are centered there. The family has a car to reach shopping, entertainment and clubs and is not depending on public transport.
Couple with young children
Apartment or house with 3+ bedrooms, guest room with en-suite bathroom for visiting family members, a maid's room, walking distance to the kindergarten or play group. Home should be child safe and close to the daily needs for shopping and a club to meet fellow expatriates. As the spouse often does not have a car, proximity to a Gym, pool and tennis courts is highly appreciated.
Couple with children schooling
4+ bedroom condominium or detached house with pool and a maid's room. Large living, dining and family room with TV/cable connection, extra office a plus. Children's rooms must be able to accommodate desk. Good storage needed, large balcony, terrace or garden. Close to a club if children are teenagers.
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Selected Apartments for expat senior couples
- Profile
- Needs
- Selected Homes
- Search
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You rental budget is probably the best way for orientation when you start searching for a new home. In general housing allowances adjust to the current market situation within a few months. Naturally downward trends are greeted with a quick response from the human resource departments of multinational companies whereas upward trends need a little longer time to be recognized. As house rentals have gone up by about 30% since the below figures were published we advise you to view the table below with a pinch of salt.
We feature some ways around problems with low rental budgets in e-relocation Singapore and Knight Frank's agents are always ready to find a solution to make your housing dreams come true.
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The location of your new home is very important as cars are very expensive and not all companies are willing to buy/lease a company car. Partners and family are mainly depending on public transport and taxis or in order to be motorized drive their working partners to/from their office.
The distance to International Schools can be bridged by children being picked up by their respective school's buses that cover almost all parts of Singapore.
It is also safe for teenagers to ride public buses or the MRT and walk. See Commuting Time to find a bus station close to your child's new school.
See Commuting for more info on commuting time and visit the section Districts to make yourself familiar with the names of residential areas.
There are about 3600 serviced apartments in Singapore offering gyms, outdoor pools, cafes for light meals, business centers and a maid clean up service. Serviced apartments are very popular with foreigners assignments for less than a year.
They have small fully furnished kitchens and usually no full in-house restaurants to cater for your meals. Often there is a breakfast facility. Some feature full kitchens with oven and microwave. Sizes range from about 550 sq. ft (50 sq. m) for a studio to 1,500 sq. ft (135 sq. m) for a three-bedroom unit.
Photo:enterAsiaArt
Serviced apartments are mainly in district 9 and 10 of Singapore. Apartments in River Valley Road area are not in walking distance from Orchard Road but may offer a shuttle service.
We advise you to bargain especially if you are staying for more than 6 months. Rentals vary greatly as the rates are dependent on location, size, services and facilities provided. On average you may need a housing allowance of about SGD 5,000 to 6,000 to live in a modern downtown 2-bedroom apartment.
The lowest monthly rental for a modest one bedroom serviced apartment is around 2,500 - 3,000 SGD. Students attending the National University or INSEAD may have a look at the Ginza Plaza or Redwood West.
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Rents for shared apartments vary between S$ 700 and S$ 1000 per month per person including utilities. To minimize future misunderstandings you may need to agree on:
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Try to find a partner to share an apartment via the following expatriate chat rooms.
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Contact also the International Associations.
