SINGAPORE - Condo rents dipped marginally by 0.6 per cent in May, following a short-lived 1 per cent increase in April. Read more at straitstimes.com.
But rents for Housing Board units continued to climb for the 35th consecutive month, rising by 1.1 per cent in May, indicating resilient demand.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said that demand may have contracted as a result of these mismatched expectations, leading to a longer time needed to close deals and encouraging some tenants to switch to the public housing sector for cheaper alternatives.
A total of 19,291 units are projected to be ready for occupancy, according to the Urban Redevelopment Authority, he said, and this anticipated increase in supply may alleviate pressures on the local condo rental market. due to the current high-interest rate environment which encourages owners to keep rents high to offset their mortgage payments.
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