Residential rental market in 2Q 2008: Rental Growth Hitting a Plateau
As islandwide residential rentals moderated to record a growth of 6.0% in 1Q 2008, this represented 3.6 percentage points above the 5-year average expansion rates of 2.4% quarterly. Private non-landed homes also witnessed an easing of rentals when, in 1Q 2008, increases were recorded at 5.9% qoq. Despite experiencing a slight slowdown in rental escalation by 0.8 percentage points, this figure was still 3.4 percentage points higher than 5-year average values.
In 2Q 2008, rental growth continued to decelerate. For prime Districts 9, 10 and 11, there was an easing of a marginal 2.0% and 3.0% qoq. Similarly, the prime East Coast region also saw rental growth softening by approximately 2.0% this quarter.
A shift toward renting homes in areas where rates are more affordable subsequently caused rentals in those areas to appreciate. Rentals in the West strengthened to record a 3.0% qoq expansion. Despite the North Region registering an abatement of rental growth of about 3.8% qoq in 2Q 2008, it was still one of the areas that recorded larger positive growth. Leasing volume in 2006 and 2007 remained fairly constant at about 29,000 rental transactions annually, despite a reported increase in the number of expatriates coming to work in Singapore in the past 3 years. The steady leasing volume could be due to some tenants choosing to buy their homes, rather than continuing to lease as rentals were rising sharply.
Knight Frank Research
Outlook for rental market for 2008
Given its checkered history, the private residential property sector is expected to soldier on through
this period of transition from a growth phase to the consolidation phase.
Market performance is not
anticipated to metastasize into disaster lest economic conditions take a turn for the worst. It is foreseen that for the whole of 2008, overall home prices are expected to grow between 1%
and 5% year-on-year (yoy).
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.
Info
MRT Station
Min to MRT
Condos/Houses
NE 6/ NS 24
Dhoby Ghaut
15 walk
8 @ Mount Sophia, VIsionCrest, Clarke Quay, The Quay side, Riverside 48, UE Square, The Cathay Residences, Sophia Residences
NS 23 Somerset
15 walk
Tan Chin Tuan Mansions, Emerald Hill conservation shop homes, The Claremont, The Bayron, Aspen Heights & Kim Yam Heights , Helios Residences,
The Vermont on Cairnhill,
Ritz Carlton Residences, Martin Place Residences, 7 Holt, The Metz, One Devonshire, Luma, Emerald Hill
NS 22 Orchard
10 walk
Grange 70, Grange 80, The Colonnade, Spring Grove, Orchard Parksuites,
Orchard Residences, Grange Infinite, Sui Generis, Cuscaden Residence, St Martins Residence, The Paterson, Westwood Apt, The Arc @ Draycott, Beaufort on Nassim, One Tree Hill Residences, The Claymore, Paterson Edge, 7 Draycott Drive, Ardmore Park, Four Seasons Park, Leonie Condotel, Leonie Gardens, Horizon Towers, Grangeford, Beverly Hill. Lucky Towers, Orchard Bel Air,
Orchard View, Boulevard Vue,
Paterson Suites, 8 Napier, 7 Claymore, Regency Park, Chelsea Garden, Four Seasons Park, Parkview Eclat, St Regis Residences, The Lumos, White House Park
NS 21 Newton
close
Residences @ Evelyn, Dunearn Gardens, Elmira Heights, Gloucester Mansion, Newton One, Avalon, Scotts 28, Scotts High Park, Amaryllis Ville, Wing on Life Garden, Balmoral Residence, Trevose Park Vicinity
NS 20 Novena
5 walk
Newton Gems,Gentle Villas, The Huntington, The Compass at Chancery cluster townhouses,Newton Suites,Novena Suites,The Strata, Thomson Euro Asia, Park Infinia, Newton Suites
NS 19 Toa Payoh
5 walk
Trellis Tower, Oleander Tower, Sky @ Eleven
NS 15 Yio Chu Kang
10 walk
Castle Green & Seasons Park
NS 11 Sembawang
Sun Plaza apartments
NS 4 Choa Chu Kang
close
Northvale Condominiums
NS 2 Bukit Batok
use Bus Plus
The Jade, Hume Park I * || , Parc Palais , Springdale
NS 27 Marina Bay
10 min walk
Marina Bay Residences
EW 12 Bugis
(1 stop to Suntec City)
close
The Burlington Square Residence, The Bencoolen Residence,
Sunshine Plaza Residences, Liang Seah Court
EW 7 Eunos
8 min bus
The Ambrosia, Alto, Goodman Road
EW 8 Paya Lebar
10 min bus
The Sovereign
EW 10 Kallang
8 min bus
The Waterside, Pebble Bay and Costa Rhu
EW 6 Kembangan
Bus Plus
Astoria Park
EW 5 Bedok
Bus Plus
The Bayshore, The Summit, Casafina, Waterfront Waves,
former East Coast Ville, Costa Del Sol
EW 4 Tanah Merah
(MRT to Changi Airport)
close
The Tanamera, D'Manor
EW 4 Simei
5-10 walk
Mera Terrace, Modena, Tropical Spring , Eastpoint, Melville Park
NS 25/ EW
13 Raffles Place (Shenton Way Financial District)
5-15 walk
Emerald Garden, River Place, The Sail @ Marina Bay
NS 25/ EW 13 CITY HALL
Bus Plus 5 walk
Pebble Bay & Costa Rhu
EW 15 Tanjong Pagar
5 walk
ICON , International Plaza
EW 16/ NE 2
Outram Park
10 walk
Everton, Blair Road, Spottiswood Park
Road conservation shophomes
EW 17 Tiong Bahru
5-10 walk
Twin Regency , Central Green, Emerald Park Condos, Nathan Residences, Domain 21, Latitude
EW 18 Redhill
5 walk
Tanglin Regency, Tanglin View, Valley Park
EW 19 Queenstown
10 walk
Queens , Anchorage
EW 20 Commonwealth
20 walk
Holland Peak, Verdure, Hillcrest Arcadia,
Gallop Gables, Shelford Suites, King's Drive, The Cornwall
EW 22 Dover
5 min walk
Holland Green, Bin Tong Park, Leedon Park, East Sussex Lane
EW 21 Buona Vista
Bus Plus
Mount Sinai areas: e.g. Ridgewood, Pandan Valley, Duchess Crest,
Dover Parkview, Astrid Meadows, Waterfall Gardens, The Cascadia, Floridian, Belmont Road
NS 1/ EW 24 Jurong East
5 walk
Parc Oasis
EW 25
Chinese Garden
5 walk
the Mayfair
NE 1 Harbourfront
5 min walk
Reflection, The Quayside Isle, Ocean Drive, The Coast, Oceanfront, The Azure, The Berth
NE 9 Boon Keng
Townerville , District 20
NE 7 Little India
Niven Road , District 9
NE 5 Clarke Quay
District 9, Liang Court Serviced Apartments,
UE Square condos
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.
Info
Location
District
Sector
City & South West
1 - 8
01 - 21
Orchard / Tanglin / Holland
9 - 10
22 - 27
Newton / Bukit Timah / Clementi
11, 21
28 - 30, 58, 59
Balestier / Macpherson/ Geylang
12 - 14
31 - 41
East Coast /Siglap
15 - 16
42 - 48
Changi / Pasir Ris
17 - 18
49 - 52, 81
Serangoon / Thomson
19 - 20
53 - 57
West
22 - 24
60 - 70
North
25 -28
71 -80, 82, 83
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.
Info
Woodlands (American International School)
Ang Mo Kio (French School)
Toa Payoh
Yishun (Zoo)
The following Town Portals are a valuable source of information on courses, shopping, services, events and much more in your new neighborhood:
American College,
International Community School
ISS International School (High School)
Lock Road Kindergarten
Korean Church Kindergarten
D05 Queenstown/ Clementi/West Coast
Dover Court Preparatory School
Japanese Schools (3)
Kindergarten United World College of SEAsia
Swedish Supplementary School
Norwegian Supplementary School
Waseda Shubuyz Senior High School
D06 City Hall/Clarke Quay
D07 Bugis/Beach Road
D08 Serangoon/Jln Besar
D09 Orchard/River Valley
Chatsworth International School
Overseas Family School
Italian Supplementary School
Mother M Learning Center
ISS International (Elementary & Middle)
Insworld
D10 Holland/ Tanglin/ Bt. Timah
Tanglin Trust School
Little Hands Kindergarten
Oak Tree Enrichment Center
The Early Learning Center
Ridgewood Child Development Center
French School
D11 Dunearn/ Newton
German/European School Kindergarten
Korean Church Kindergarten
Swiss School
Eton House Pre School
Chinese International School
St Francis Methodist School
Hwa Chong International
Bhavan's Indian International School
D12 Toa Payoh/Kallang
D13 Aljunied/Braddel/Macpherson
D14 Geylang/Kaki Bt/Eunos
Hollandse School
Singapore Korean School
Ang Mo Kio
Lycee Francaise de Singapore
D15 Tanjong Katong/East Coast
Sekolah Indonesia
D16 Bedok/ Tanah Merah/ Chai Chee/Upper East Coast
Montessori Kindergarten
D17 Loyang Changi
Japanese School
D18 Pasir Ris/Tampines
D19 SengKang/ Hougang
Australian International School
D20 Thomson/ Ang Mo Kio/ Bishan
St. Joseph's Institution International (SJII)
Lycee Francais de Singapoure
D21 Upper Bt. Timah/ Ulu Pandan
Canadian International School (Elementary) Canadian International School (Middle) Hollandse School
D22 Jurong/Tuas
D23 Choa Chu Kang/Bt. Batok/Panjang
D24 Lim Chu Kang
D25 Woodlands/ Kranji
Finnish Supplementary School
Singapore American School
Visit section Education for links to to the schools and kindergartens.
Publications
Singapore Street Directory
SNP Publishing
bookstores and retail outlets
Mighty Minds Singapore Streets Directory
Tel: 6353 5035
at bookstores, supermarkets, petrol kiosks
Bus Map
with Bus Stops, bus numbers,
MRT, Road Index, covering all Bus Services
Mighty Minds Publishing
Tel: 6353 5035
or at bookshops, supermarkets. stationary shops, news stands, magazine kiosks
Periplus Singapore Street Atlas
Includes Map of Johor Baru
Bookstores, NTUC FairPrice, Carrefour, Petrol kiosks
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
Quick Search
Info
Institute of Estate Agents
568 Ganges Avenue #02-100
Singapore 160568
Tel: 6323 1770
Fax: 6323 1779 Website
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 house rentals in Singapore.
Bachelor/Bachelorette
Profile
Single, travels frequently, needs part time cleaning services, wants to live close to work and night life, dependant on public transport or taxis to move around in Singapore, sometimes needing a parking space for a company car
Needs
1-2 bedrooms city apartment , modern fully fitted kitchen , Cable TV, wireless Broadband Connection, fully furnished with modern bathroom fittings, gym, tennis, swimming pool.
Suitable homes
click images for
more info
Dual Career Couple
Profile
Work is dominating their lives and therefore home has to be close to their offices with easy access to shops and entertainment. Public transport and taxis in walking distance are a plus. Gym, tennis and pool wanted. Alternatively the new home should be close to a club offering these facilities.
Needs
2 - 3 bedrooms city apartment, fully fitted home office with Internet, master bedroom and guest bedroom with en-suite bathroom, modern fully fitted kitchen , Cable TV, , fully or partially furnished and modern bathroom fittings and full condominium facilities.
Suitable homes
click image for
more info
Family with young children
Profile
While he is working, she has given up her job and plans to start a family or they already have a very small child. These families want to bring up their children in a safe environment and love light homes surrounded by greenery. They are keen to live close to other expatriate families with young children.
Needs
Apartment or house with 3+ bedrooms, guest room with en-suite bathroom for visiting family members, a maid's room, walking distance to the kindergarten or play group. Home should be child safe and close to the daily needs for shopping and a club to meet fellow expatriates. As the spouse often does not have a car, proximity to a Gym, pool and tennis courts is highly appreciated.
Suitable homes
click image for
more info
Family with children schooling
Profile
Father is typically in an upper management position and travels the region and the family is depending on a close knit expatriate community. Mother is mainly taking care of the children but enjoys her new freedom and more leisure time as a live-in maid takes over the household chores and baby sits. The home must be spaced and ideally have a garden. Its location must be served by the busses of international schools as children's activities are centered there. The family has a car to reach shopping, entertainment and clubs and is not depending on public transport.
Needs
4+ bedroom condominium or detached house with pool and a maid's room. Large living, dining and family room with TV/cable connection, extra office a plus. Children's rooms must be able to accommodate desk. Good storage needed, large balcony, terrace or garden. Close to a club if children are teenagers.
Suitable homes
click image for
more info
Senior couple no children
Profile
The senior is working in a senior position and has an above average housing allowance. The lady is generally not working, children are grown up and will be visiting regularly.
Needs
The couple will entertain guests and needs spacious dining and living rooms. The ideal home must feature guest room(s) with ensuite bathrooms. Proximity to the city is not important as the senior may have a driver or a second car for the lady will be available. A detached home or large penthouse will present a suitable home for their lifestyle. A penthouse might suit them best.
Suitable homes
click image for
more info
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 house 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.
Residential rental market in 2Q 2008:
Commuting Time
Singapore is a small city and commuting in modern air-conditioned public transport means is short, comfortable and above all safe.
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.
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. 
