I think my blog is turning into a collection of articles from the Straits Times. It’s too bad I can’t link directly to the articles.
May 23 Straits Times had this article about Singapore home rents:
“HOME rents in Singapore have become the 15th most expensive in the world and the eighth highest in Asia.
This is due to a 15 per cent jump in rents here last year over 2005, according to a survey done by human resources research firm ECA International.
In 2005, Singapore was ranked 18th in the world and ninth in Asia.
Now, the Republic has overtaken Jakarta, Milan and Rome, ECA said yesterday.
Its study found that a three-bedroom apartment in ‘popular expatriate areas’ in Singapore cost US$3,364 (S$5,129) a month on average last year, up from an average of US$2,915 in 2005. These areas include districts 9, 10 and 11, as well as the East Coast.
ECA’s general manager in Hong Kong, Mr Lee Quane, attributed the increasing rents in Singapore to an influx of expats, which has pushed up demand for high-end accommodation.
Even with this rise, however, rents here are still 150 per cent lower than in Hong Kong and 120 per cent lower than in Tokyo, Mr Quane noted. These two cities hold the top spots for the highest rents worldwide.
They are followed by New York, Moscow, Seoul, London, Mumbai, Shanghai, Ho Chi Minh City and Dubai, among others.
While I wholeheartedly agree that rents have gone way up, the average rent of SGD 5,129 for a 3 bedroom seems way too high. I guess they must be surveying all the brand new condos in the popular districts. For condos that are older than 5 years I would think the average would be around 3,500 – 4,000 SGD. (This is based on my opinion only, gathered from my recent house hunting)