Urban Treasures news: Condo, HDB rents up in Oct; strong demand for bigger flats in landlord’s market
URBAN TREASURES NEWS - Rents for Housing Board flats and private apartments climbed in October as demand rose further following the latest round of cooling measures, with more tenants turning to HDB flats for comparatively lower rents. HDB rents grew by a slower pace of 1.8 per cent in October, compared with September’s 3.3 per cent, with rents of executive flats rising the fastest at 6.1 per cent, according to flash figures released on Wednesday by property portals 99.co and SRX. More HDB flats were rented out in October, with volume rising 10.3 per cent to an estimated 1,995 units compared with the 1,809 in September.
Condominium rents went up by 2.7 per cent in October, compared with 3.3 per cent in September, with rents rising across the board in all three regions – central Singapore, city fringes and suburbs. However, rental volume decreased by 8.7 per cent to an estimated 4,355 units from 4,771 units in September. October marks the 22nd straight month of growth for condo rents and the 28th for HDB rents – the longest streak for both markets. Property analysts said the surge in HDB rental volume suggests that more tenants are eschewing condo units and turning to HDB flats for comparatively cheaper rents, as strong rental demand continues to push prices up in both segments.
Urban Treasures @ West Region - A freehold condominium for buyers with a shorter investment timeframe
Urban Treasures: “The huge increase in rent for executive flats signals a higher demand for more space.”
Urban Treasures is a residential property that sits in the developed residential estate of Bedok Reservoir Road and Jalan Eunos. The offering of the iconic property in District 14 for sale comes 36 years since its construction. The property features 107 units and two penthouses that provided comfortable shelters to its occupants.
Urban Treasures offers an amazing opportunity to the Fragrance Group for development of mid-sized condo units that will complement the upcoming Paya Lebar Regional Center alongside the business park situated in the reputable estate of Bedok Reservoir and Eunos.
OrangeTee & Tie chief executive Steven Tan said landlords may have increased their asking rents in line with rising interest rates and growing inflation. “With an overall tight housing situation, renters may have no choice but to accept the increase in rents. In the light of an increase in the goods and services tax in 2023, property tax and interest rates, we anticipate rental prices to continue climbing as landlords continue to pass on the increase in costs to their tenants,” said Mr Tan.
As more condo projects are slated to finish construction in 2023 and add to the condo rental pool, Mr Tan said rental prices may rise at a slower rate. However, those who are looking for more affordable options may continue to turn to the HDB rental market instead, where rents may remain elevated.
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