Rental Prices down in Pasir Ris Condo's

[Barnsley]

Article on the online STimes stating that some lady had to drop her asking price for the NV (Envy ) condo from 4K to 3.5K a month as nobody would rent at 4K.

I am surprised she got anyone at that 3.5K.

They are firing up Condo's like they are going out of style in Pasir Ris, but the facilities are not going up to match the potential influx of new people.

Tampines will get even busier by the look of things!!

[Wd40]

How many bedder unit?
If it is 2 bedder then 3.5k is still a good price considering its a brand new condo. Melville Park in Simei goes for 3k for a 2 bedder and that I consider is one of the cheapest condos in Singapore.

[Barnsley]

just checked and it was a 3 bed

homemaker bought it for $1M+

Good money in home making these days!!

[Wd40]

Hmm, due to the top of this condo, there seems to be a sudden supply of large number of flats in this condo. There are 470 ads listed for this condo alone! Some may be duplicates, still its quite a lot!

EDIT: I tried to post the . URL, but it gets censored.

[Wd40]

Anybody who wants to read the article, google for this:
"Wave of newly-completed condominiums drives down rents"

[the lynx]

An agent tried to sell me a unit at the upcoming The Tembusu condo around West Tampines/Kovan area. I looked at the prices - gawd, it is expensive.

1 BR 695k to 809k, 44 to 60 sqm
2 BR 1.07k to 1.23k, 70 to 90 sqm
3 BR 1.45k to 1.63k, 97 to 128 sqm
3 BR DK 1.78k to 1.91k, 113 to 136 sqm
4 BR 2.12k to 2.28k, 127 to 158 sqm
PH TBA, 266 To 361 sqm.

[Barnsley]

there are so many launching in Pasir Ris n Tampines....
looks Tampines Ave 10 is gonna get 3 or 4 more looking at the jungle clearing going on.

[AngMoG]

Quite interesting, if the rents are going down, it's a good thing in principle... Of course it could be a bad thing too, if it is not just due to high supply of flats

[Barnsley]

Quite interesting, if the rents are going down, it's a good thing in principle... Of course it could be a bad thing too, if it is not just due to high supply of flats

Unless they let people in to rent them then there is only one direction for the rentals.

Folks with lot of cash no worries ...........

Its the ones who have over extended themselves to buy who could be in trouble if they have no one to rent it to.

[blue_thunder]

just checked and it was a 3 bed

homemaker bought it for $1M+

Good money in home making these days!!

IMHO if the LL had bought the property with 80% home loan then it aint a moneymaker . LL would have to shell out 3k permonth as EMI for a 2% interest for 30 years + condo maintenance will be around 300/month.

[blue_thunder]

Quite interesting, if the rents are going down, it's a good thing in principle... Of course it could be a bad thing too, if it is not just due to high supply of flats

Wish it goes back to early 2000 levels or atleast 2008

[PNGMK]

I live close to Beacon Heights. It went TOP last year. I looked on PGuru and there were hundreds of units for rent and sale at the time.

I just checked at the listings are down to 38/20 (rent/sale) so they have pretty much all disappeared. I suspect the same will happen with the Pasir Ris units as well.

[henrycc]

i may be wrong but this drop is prob going to be temporary as the reality in two years that area is getting Overseas Family School which has currently 4k students. This should help absorb most if not all of these rental condo.

[Wd40]

I see HDB rentals in Tampines softening as well. Just couple of months back most 2 bedders ads were 2.4-2.5k. Now I see lots of them for 2.2k. Probably can negotiate and get the unit at 2k, which is what I am paying now. If rental stays there, its fantastic for me

[sunbox]

Rents seems to be going down.. My friend renewed his contract for his two bedder condo , he was paying 2.7K before and now got the same for 2.4K. Are people moving out in big number or its just too much of housing supply?