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Downward pressure on condo rentals?

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bgd
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Postby bgd » Thu, 10 Oct 2013 11:18 am

A friend has just rented a two bedroom condo for 3.4k in Paya Lebar. Original asking price was 4.5k. Not sure whether that is a downward trend or just an unrealistic landlord who finally saw sense.

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Wd40
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Postby Wd40 » Thu, 10 Oct 2013 1:00 pm

bgd wrote:A friend has just rented a two bedroom condo for 3.4k in Paya Lebar. Original asking price was 4.5k. Not sure whether that is a downward trend or just an unrealistic landlord who finally saw sense.


3.5k is also insane price for an area like Paya Lebar. Wing Fong court/mansions and Gek Lim Mansions are same price as HDBs and what with so many hotel 81s in the vicinity with $50 per night. Rentals have to be lower there than rest of Singapore.

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Postby stuckmojo » Fri, 18 Oct 2013 8:07 pm

Hi all,

this is an interesting topic. I will be in Singapore next week to find a place to live (the wife has decided it has to be near the Clarke Quay/River Valley road area) and I noticed that in the last 2/3 months asking prices have increased some 10% at least.

I am referring to the flats I'd seen available in August for $5,000 and now no longer available or hyped up to near $6,000.

The forum has been a great source of info so far, with great insight from those who have been there before.

Once again I'd value your opinion on what's going on.

Is it outrageous to ask $5,000 for something on at $5,900?

How negotiable are prices these days?

Thanks in advance.

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PNGMK
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Postby PNGMK » Fri, 18 Oct 2013 9:48 pm

stuckmojo wrote:Hi all,

this is an interesting topic. I will be in Singapore next week to find a place to live (the wife has decided it has to be near the Clarke Quay/River Valley road area) and I noticed that in the last 2/3 months asking prices have increased some 10% at least.

I am referring to the flats I'd seen available in August for $5,000 and now no longer available or hyped up to near $6,000.

The forum has been a great source of info so far, with great insight from those who have been there before.

Once again I'd value your opinion on what's going on.

Is it outrageous to ask $5,000 for something on at $5,900?

How negotiable are prices these days?

Thanks in advance.


Not at all outrageous.

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PNGMK
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Postby PNGMK » Fri, 18 Oct 2013 9:50 pm

bgd wrote:A friend has just rented a two bedroom condo for 3.4k in Paya Lebar. Original asking price was 4.5k. Not sure whether that is a downward trend or just an unrealistic landlord who finally saw sense.


Even 3.4k is high for that area IMO.

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sundaymorningstaple
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Postby sundaymorningstaple » Fri, 18 Oct 2013 10:15 pm

If you don't mind being outside of the city there are 2BR units in Upper Bukit Timah/Bukit Batok area for 2.8K

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Postby stuckmojo » Fri, 18 Oct 2013 10:31 pm

PNGMK wrote:
stuckmojo wrote:Hi all,

this is an interesting topic. I will be in Singapore next week to find a place to live (the wife has decided it has to be near the Clarke Quay/River Valley road area) and I noticed that in the last 2/3 months asking prices have increased some 10% at least.

I am referring to the flats I'd seen available in August for $5,000 and now no longer available or hyped up to near $6,000.

The forum has been a great source of info so far, with great insight from those who have been there before.

Once again I'd value your opinion on what's going on.

Is it outrageous to ask $5,000 for something on at $5,900?

How negotiable are prices these days?

Thanks in advance.


Not at all outrageous.

Very good. Many thanks for the comment. Fingers crossed for next week.

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Postby thismyvoice » Mon, 21 Oct 2013 8:47 pm

stuckmojo wrote:Hi all,

this is an interesting topic. I will be in Singapore next week to find a place to live (the wife has decided it has to be near the Clarke Quay/River Valley road area) and I noticed that in the last 2/3 months asking prices have increased some 10% at least.

I am referring to the flats I'd seen available in August for $5,000 and now no longer available or hyped up to near $6,000.

The forum has been a great source of info so far, with great insight from those who have been there before.

Once again I'd value your opinion on what's going on.

Is it outrageous to ask $5,000 for something on at $5,900?

How negotiable are prices these days?

Thanks in advance.


You can check recent rental transactions in the condominium from the ura.gov website. Alternatively, if you have an agent, ask to see the recent transactions in the estate. They have their own software to keep track of rentals and these are usually more up to date, with additional information of the unit transacted and whether it comes fully/partially furnished.

Do everyone a favour and try not to overpay the rent. If the place you like is too expensive for your budget, you can try some of the condominiums that recently got their occupation permit. There will always be some owners who are in a hurry to rent out their apartments.

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Postby sanjivvohra » Fri, 25 Oct 2013 3:58 pm

Just moved condos after 2 years and definitely see a softening of rentals, specially in the East Coast area. Moved beginning of Sep into a condo at 20% less of the asking rental in 2011 (we had seen the condo when we arrived in SG but it was beyond our budget at that time). In the interim, the condo had been sold, renovated and it still cost us less than it would have in 2011!
Sanjiv

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Max Headroom
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Postby Max Headroom » Sat, 26 Oct 2013 8:36 am

Thanks for that, Sanji.


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