26 Feb '15, 2am

Deluge of new condos erodes rental market

WHETHER you look at the official data or check out some popular condominiums, the unmistakeable conclusion is that the rental market is in for a tough year. Analysts say weakening demand stems from the deluge of newly completed condominium units and expectations of an interest rate hike. The official numbers tell part of the story: private residential rents fell 3 per cent last year after four successive years of increases. But the sombre state of the leasing market was most evident when The Straits Times analysed projects that recorded the highest rental volumes last year. Although the number of leases inked largely picked up in 2014, it did not prevent landlords from suffering a dip in collected rents, data from OrangeTee showed. Reflections at Keppel Bay was the most popular condo with 607 leases recorded last year, well up from the 293 contracts secured in 2013. Monthl...

Full article: http://srx.com.sg/singapore-property-news/5552/deluge-of-...

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Deluge of new condos erodes rental market

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