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Housing Market:
Rental Market of apartment and houses in Singapore
Residential rental market in 4Q 2007
Easing of Upward Trend for Rentals
The previous quarter (3Q 2007) displayed an increase of 11.4% qoq in terms of island wide rentals transcending the formerly unparalleled growth of 10.4% qoq in 2Q 2007. The rental market is expected to slow down owing to 4Q 2007 being an off-peak season for the market. For the months of October and November, the rental market that is customarily active has subdued this time around.
One of the reasons for this relates to foreign tenants. Due to the fact that most foreign schools are full and there are long waiting lists for children of these foreign families who are relocated here, the housing demand for new family tenants is projected to decrease. On top of this, tenants as well as corporate HR have readjusted the housing allowance this year, which constricts tenants according to their budget allowance.
In essence, rentals in popular districts such as 9,10 and 11 have slowed down a bit with rentals easing about 1.5% to 2% qoq. The prime east coast area too experienced a slowdown in rentals, dropping by about 3.7% qoq. The more affordable areas in the far north have seen some appreciation of 27.9% qoq and 89.7% yoy, hints of the market just catching up. In general despite take up rate decelerating, the market still remains healthy although rentals are not expected to appreciate much more in the next quarter.
Knight Frank Research
Outlook for rental market for 2008
The rental market in 2008 is expected to remain active with a decrease in the number of international transferees inbound for Singapore. Rentals in district 9, 10, 11, 15 & 16 and the areas surrounding the International Schools are expected to stabilize. The supply of apartments and houses is expected to remain low until new stock comes back in to the market in 2009/2010.
The rents in the high end private property market is expected to take a step back with some correction as the demand in this sector diminishes.
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Commuting Time
Singapore is a small city and commuting in modern air-conditioned public transport means is short, comfortable and above all safe.
View comments in section Location on guidelines on commuting when selecting your new home. There are a number of excellent web sites to calculate commuting time or to scan for flow of traffic.
The table below features a selection of areas/condominiums within walking distance to busses or an MRT station.
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Click to view large MRT Map Click to calculate commuting time on the MRT.
Districts and School Locations
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.
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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.
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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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Proceed to section Residential Areas for more information.
Visit section Education for links to to the schools and kindergartens.
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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 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. 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
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.
Note: in general you are not obliged to appoint the agent referred by your company to find you a home in Singapore. We recommend you work with two agents to compare rentals and double check the information related to viewed properties. 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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Rent a home in Singapore: Appoint Knight Frank Singapore for your home search |
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View a selection of homes for rent in Singapore |
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Expatriate Home Profiles
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 homes for rent in Singapore.
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Housing Allowances
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 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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Locations
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. Use the Bus Service Map Finder 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.
Maps
See maps of Singapore featuring the location of over 240 condominiums, schools, universities, MRT stations, parks, hospitals and shopping below provided by Knight Frank. Click the links or maps to view.
Note: Some newer locations might no be featured.
You will be given a hard copy of this maps once you start searching homes with Knight Frank. To set up an appointment use the inquiry form.
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View a map of Singapore's MRT
View map of all International Schools in Singapore
Visit the section Public Transport Singapore
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Rental Prices
An estimed 7,000 to 7,500 units in several large development projects are scheduled for completion in 2007 which may help to ease the current supply crunch.
The table below indicates the latest available figures on rentals of new (less than 5 years old) private residential units in Singapore.
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Source: Knight Frank Pte Ltd
For latest info on rentals in Singapore, see section Rental Guide.
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Residential Areas
Popular residential areas close to the International Schools, the Central Business District (CBD), Orchard Road, MRT stations and clubs come with a premium while homes further away are less expensive.
The highest rents have to be paid for brand new penthouses, landed property with pool and garden (especially colonial Black & White houses) and newly renovated Chinese shop houses in town.
Suburban developments with new luxurious condominiums have recently become more popular.
Walking distance to Orchard Road defines this area and the many roads within its reach like Orchard Boulevard, Claymore Road, Claymore Hill, Cairnhill, Draycott, Ardmore Park, Orange Grove Road, Balmoral Road and Park. The area harbors The Overseas Family School, the American Club and the Tanglin Club, two cinema complexes, numerous shopping malls and the Mount Elisabeth Hospital.
Condominiums on Grange Road and Leonie Hill are still in walking distance to Orchard with a Bus connection (no. 75) to Great World City, Tanglin Mall and Holland Village. Taxis are easily available, too. Fort Canning Park is walking distance and a great place for jogging (particular the steps!).
Close to the Botanical Garden and within short driving distance to Orchard Road and the famous Tanglin Mall is the up market area of Nassim Road.
The central location gives great access to everything and you never have to wait long for a taxi. But greenery is missing and traffic noise from busy roads or construction noise are often very unpleasant as work last to late every night and does not stop on Sunday.
The area is central and close to the MRT. Novena Square and United Square shopping centers and Cold Storage at Chancery Lane cater to your everyday needs. There are some spacious houses with gardens in a quiet residential areas with easy access to the PIE. The latest development is the Compass & Chancery on Chancery Hill. The Peak condominium is located in walking distance to The Thomson Medical Center.
Holland Village/Farrer Road/Mount Sinai Drive
Orchard Road is a 10-minute drive away with numerous busses trailing the route (7,77,106). This popular area is close to United World College, the Australian International School, The Japanese Primary School and Tanglin Trust School at West Coast and The German School, Ecole Francaise and Dutch School at Bukit Timah. The Holland Road Shopping Center with surrounding shop houses is the hub of all daily and nightly activities. This curious mix of old and new and a village like atmosphere attract many foreigners. Note: during the next three years Holland Village will be fitted with its own MRT station and construction work may result in heavy traffic and possible noise affecting a number of apartment buildings in the area.
River Valley Road/Kim Seng Road/Robertson Quay
With a few minutes drive to Orchard and the Business District (Shenton Way, Tanjong Pagar, Raffles Place) this area has experienced rapid development. Two shopping centers, the Great World City and Liang Court are close and Clarke Quay provides entertainment round the corner. Some condominiums offer free shuttle services to Orchard, which is 5 minutes drive away. The latest trendy area is Robertson Quay entertainment district popular with the young and trendy with an eclectic mix of international restaurants with alfresco dining, wine bars, arts houses, hotel cafes and high class condominiums facing the river. There are also river taxi services to Boat Quay and Clarke Quay linking you to the banking district.
Bukit Timah/Sixth Avenue/ Coronation/Hill Crest
Ideally located within 5-10 minutes drive to the German, French,Dutch and Australian School and the Dutch, Swiss and British Club expatriates living here are not within easy reach of a MRT station but will rely on taxi and busses.
Teenagers who love horses will spend time at the Bukit Timah Saddle Club and the Bukit Timah Nature Resort is not far away.
There is good shopping and dining at Greenwood (Swiss Butcher and Blue Fin for fish).
Condominiums are located on Coronation Road, Bukit Timah and Sixth Avenue with the area off Bukit Timah comprising landed property and low-rise condominiums in Watten Estate and Shelford Road.
However, you have to walk down to Bukit Timah for public transport and to wave down taxis. You can find reasonably priced landed properties in this established residential area.
The area is close to Holland Village but also close to supermarkets, restaurants and wet markets.
East Coast: Parkway/Tanjong Rhu/Siglap
For all those who want to experience the feeling of an island and life on the waterfront you should consider this area. It takes only 10-15 minutes to the airport but 20-25 minutes to the Central Business District during rush hours. Having a car is clearly an advantage at Tanjong Rhu as the MRT is not within walking distance and you have to rely on taxis and busses. Condominiums are huge with many units sharing the facilities.
The Opera Estate East of Siglap Hill and South of Bedok is a low lying estate where streets have Western and Malay operatic theme names. The new is slowly replacing the old with terrace houses and bungalows being replaced by modern buildings in old gardens. Condominiums are larger and less expensive than in the city and there is still a great sense of community.
At East Coast Park you may enjoy 7.5 km of sandy beaches, a 12 km custom built cycle paths and a 15 km jogging and skating track. Other leisure facilities are the Big Splash swimming complex, the Parkland Gold Driving Range, Singapore Tennis Center, the East Coast Sea Sports Club and Europa Sailing Club. Many popular seafood restaurants are at your doorstep and the shopping Centers Katong and Parkway Parade Mall are located within driving distance. The East Coast with its many beachfront parks is highly popular for outdoor activities.
The distance to International Schools is still relatively reasonable (around 30 - 45 minutes) as school busses use the East Coast Parkway and Ayer Rajah Expressway to get to United World College, the Australian International School, and Tanglin Trust School located at the West Coast. Driving to Suntec City takes around 10 minutes. Japanese Schools are nearby.
West Coast:Clementi/Queensland/Pasir Panjang/Dover
For expatriates working at the local universities or Jurong Industrial Town or wish to be close to The Tanglin Trust School, the UWC or the ISS the West Coast is the place to live. Rentals are more affordable than in close by Holland Village. This is a great residential area for living with kids in houses with yards for your pet. The Mount Pleasant Animal Clinic is round the corner and you can take along your dog for exercising to the nearby jogging trail. There is also a biking path all the way from Clementi to Ghim Moh.
Pasir Panjang has a village atmosphere and sea breezes and expatriate enjoy outdoor and recreation facilities at the West Coast Park and the Singapore Yacht Club. But as huge wharves and cargo terminals built on reclaimed land dominate the area, there is noise coming from the docks.
With the Pasir Panjang Wholesale Centre near by retail shopping is possible after 2:30 pm and in Pasir Panjang Village offers the advantage of an imported fish-market and cafes, restaurants, pubs and grocers. Recreation is possible at the Labrador Nature Reserve, Tanjong Perlayar Park and West Coast Park.
With the Pasir Panjang Wholesale Centre near by retail shopping is possible after 2:30 pm and in Pasir Panjang Village offers the advantage of an imported fish-market and cafes, restaurants, pubs and grocers. Recreation is possible at the Labrador Nature Reserve, Tanjong Perlayar Park and West Coast Park.
With its easy access to the AYE and ECP commuting time to the town centre takes between 15 minutes and 25 minutes (during peak hours). The next MRT station is Clementi. The area is also not too far from Singapore's biological research hub Biopolis in walking distance of MRT station Buona Vista and a new development area named One North, Singapore new place of vision and inspiration.
The area is the location of the Australian School (AISS) and close to Thomson Road and Macpherson Road with easy access to the CTE. Orchard Road and Holland Village are a ten minute drive away. Shopping is available at Thomson Plaza and Fairprice (Australian and American section) or at Junction 8. The next MRT stations are Ang Mo Kio and Bishan for park and drive. Look for new low complex town houses.
Recreation: you live close by MacRitchie Reservoir and Lover Pierce Reservoir with its great wildlife and you can ride a bike in Bishan Park.
With the largest International School in the country relocating to Woodlands this suburb has undergone rapid development. Being far away from the city t