Rents fall further

[livingontheedge]

With still a large supply of incoming homes through to 2017, rental and property prices should be on a downward trend

[calugaruvaxile]

nowadays, all sg looks like central hk as it's seen from the peak.

Still 40% or so of Singapore land is forest cover ... just saying ..

And Singapore has "grown" by nearly 12% since independence due to reclamation ...

true. parts of sg (kranji farms) really look like "countryside". but the transportation infrastructure already cannot cope with the current population distribution. thus the new buildings have been concentrated in already built areas. nowadays, the apartment blocks are one bamboo pole away from each others. and minimum 10 story high. exactly like hk! pretty unhealthy, imho.

but hk is much larger, has much more green, and a transportation network way, way better designed!

not sure what your point is, regarding reclamations. hk is much worse, i guess. i remember how 11 years ago a ferry ride will take from central to tst 3 times more than today. probably 15 years ago it would have taken 5 times longer ... i'm not a big fan of what happened there, quite honestly.

[calugaruvaxile]

Except he is an Indian and I am asking only for a fair adjustment, not to get it as low as possible. I can rent a same size unit in this condo $500 below what I pay now and I only ask half of this. Funny enough I had the impression that he actually expected a rise.

It is an interesting phenomena how a person otherwise very reasonable suddenly gets resistant to any common sense based argument.

the REAs have their own expenses to cover. for 5 years or so they have lived a pretty good life (luxury cars, etc) and most of them are quite upset they have to go back to mrt. so they do whatever they know best: try milking people. they tell the LLs what the LLs want to hear: your apartment is special, magnificent, the big deal is around the corner. and the LLs wait and wait, convinced that "the REA knows best". so the REA becomes one more factor contributing to the market's stall.

BTW, i always had this feeling that the SG as a whole has discovered that they can just make a living as LLs. gov't included. let the MNCs come, we'll charge them for service, live from it. they will surely come lah, no matter what we ask them to pay. where else could they go in APAC? but surely you know all this . the workforce followed suite, but this is a different topic.

[ecureilx]

true. parts of sg (kranji farms) really look like ....

If only kranji is the green "you" seem to know, I am sorry to have misled you ...

[x9200]

Except he is an Indian and I am asking only for a fair adjustment, not to get it as low as possible. I can rent a same size unit in this condo $500 below what I pay now and I only ask half of this. Funny enough I had the impression that he actually expected a rise.

It is an interesting phenomena how a person otherwise very reasonable suddenly gets resistant to any common sense based argument.

the REAs have their own expenses to cover. for 5 years or so they have lived a pretty good life (luxury cars, etc) and most of them are quite upset they have to go back to mrt. so they do whatever they know best: try milking people. they tell the LLs what the LLs want to hear: your apartment is special, magnificent, the big deal is around the corner. and the LLs wait and wait, convinced that "the REA knows best". so the REA becomes one more factor contributing to the market's stall.

Yeah, I also think it is the agent. I actually went that far that I proved to the LL's that his flat is not that special. At that time, 2y ago it was only the 3rd* one (and neither the most expensive) out of 6 we chosen and earlier considered so yes, there 50% of such special flats in this condo.

*) 1st one the LL did not like us and the 2nd we didn't like the LL.

[bgd]

In my case the agent, the tenant (me) and the LL's sister, who looked after the property, all said he was asking too much. He didn't listen.

For every misleading agent out there, I'm sure there are an equal number of greedy and unrealistic LLs.

[the lynx]

For every misleading agent out there, I'm sure there are an equal number of greedy and unrealistic LLs.

Because agents need to keep the LLs as their customers, and remember their commission is co-related to the value of tenancy contract. Any lie would work as long as he can be 'kept'.

I'm sure there are honest legit agents out there, who really put the interest of LL first (and the risk of empty unit).

[calugaruvaxile]

true. parts of sg (kranji farms) really look like ....

If only kranji is the green "you" seem to know, I am sorry to have misled you ...

i was talking about the urban area (not the part reserved for military, zoo, etc). please remember you compared sg with hk. hk has a lot of villages (low-rise, low-density built areas) in the new territories or in the islands, and i was sure you were making a direct comparison to these. if you compare the "real" forest singapore has, it's probably as much as lama island or cheung chau has.

[JR8]

'Savills in the Press'

'Dark condos' suggest supply overhang (25 Jun – BT)
The Business Times featured articles on "dark condos" at night to highlight the rising vacancies in the private housing market.

Jacqueline Wong, head of residential leasing and ad-hoc sales at Savills Singapore said, "These days, Singapore attracts more foreigners who are based here but travel around the region for work. Such tenants may have leased apartments here but are out of the country for more than half of the lease period, so from the outside, the units look unoccupied... Corporations are increasingly seeking to minimise costs, firstly by not offering full expat packages so the individual does not relocate with family; secondly, instead of providing a housing package with a lease signed by the company, these expats are given an annual housing allowance for them to sign personal leases."

According to Savills Singapore, private residential rents are expected to continue facing downward pressure as the supply of private residential properties completed this year is greater than what the leasing demand can comfortably absorb.

Alan Cheong, head of research at Savills Singapore estimated that on the whole, rents could decrease 10% to 15% this year. "The mass market will be hit most because the bulk of new home completions are in the suburbs, given that this was the segment where the government had supplied the most land in the past few years."

[Barnsley]

'Savills in the Press'

'Dark condos' suggest supply overhang (25 Jun – BT)
The Business Times featured articles on "dark condos" at night to highlight the rising vacancies in the private housing market.

Jacqueline Wong, head of residential leasing and ad-hoc sales at Savills Singapore said, "These days, Singapore attracts more foreigners who are based here but travel around the region for work. Such tenants may have leased apartments here but are out of the country for more than half of the lease period, so from the outside, the units look unoccupied... Corporations are increasingly seeking to minimise costs, firstly by not offering full expat packages so the individual does not relocate with family; secondly, instead of providing a housing package with a lease signed by the company, these expats are given an annual housing allowance for them to sign personal leases."

According to Savills Singapore, private residential rents are expected to continue facing downward pressure as the supply of private residential properties completed this year is greater than what the leasing demand can comfortably absorb.

Alan Cheong, head of research at Savills Singapore estimated that on the whole, rents could decrease 10% to 15% this year. "The mass market will be hit most because the bulk of new home completions are in the suburbs, given that this was the segment where the government had supplied the most land in the past few years."

I read the article , they are still trying to talk the market up....

[Brah]

Jacqueline Wong, head of residential leasing and ad-hoc sales at Savills Singapore said, "These days, Singapore attracts more foreigners who are based here but travel around the region for work. Such tenants may have leased apartments here but are out of the country for more than half of the lease period, so from the outside, the units look unoccupied...

I read the article , they are still trying to talk the market up....

That part - what a crock

[JR8]

I've followed Savills research for years, especially re: my specific home turf in London. I follow several sources, and I've always found Savills to be the most informed and honest, even when their news and forecasts have been dire they are attuned to the inside-track re: what's going on. I know very well that what many agents write is self-interested balls; but I wouldn't have posted the quoted piece unless I thought it was worth taking seriously. -- Just sayin'! --

[calugaruvaxile]

I've followed Savills research for years, especially re: my specific home turf in London. I follow several sources, and I've always found Savills to be the most informed and honest, even when their news and forecasts have been dire they are attuned to the inside-track re: what's going on. I know very well that what many agents write is self-interested balls; but I wouldn't have posted the quoted piece unless I thought it was worth taking seriously. -- Just sayin'! --

sure, but it's hard to believe that full-sized (family-sized) apartments are rented by people who come without families and travel all over the region for most of their time.
don't get me wrong, i agree that there are more and more people without expat packages, coming without families and revolving through the region. but i believe that the full-sized apartments are "dark" for being empty, not for being occupied by traveling tenants.

[rajagainstthemachine]

It would be a gold mine for a curry puff syndicate to rent some of these spaces for a clandestine curry puff factory. Hehehe

[sundaymorningstaple]

You are on a roll RATM.