Rents increased 30% in the last week??

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Makan24-7
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Post by Makan24-7 » Thu, 29 Mar 2007 12:33 pm

A lot of corporations have cut down their housing allowances but the 5.5k may still be within the allocated budget. So bye bye 8-10k rentals on Cairnhill and Nassim, hello 5.5k rents somewhere else. So it's not necessarily the case that they don't know better. Are they paying too much and driving rents up? Heck yeah, but they have the budget for it.

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humpbackwhale
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Post by humpbackwhale » Thu, 29 Mar 2007 2:15 pm

Yes i too notice that the trend is for corp to cut/reduce the housing allowance from 8-10k to 5k or even nothing, but i also notice that the 8-10k property have not seen a collaspe from these but the reverse is happening; they are commanding an even higher rental.

This is because a new luxury group of buyer and tenant is just coming to town and nothing but the best in location and property is suited for them. These people remain in such a small groups (CEOs, MDs and ultra rich only) that the usual/normal higher management people in the past that use to stay in these good locale is being force out, push further away but at a lower rental.

But the problem now and for the next 12-months, the enbloc group is also frantically looking for another place further our (as their en bloc price is not able buy them a unit on the same location), and with the cash from en bloc, they are also buying up the second tier areas, like Bukit Timah. The 1st tier is still in orchard, nassim, steven area.

It seems those of us already staying outside the city will have to move further away when the rent goes up.

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