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The Metropolis Where Rents Rise 60%, 75%, Even 100%

SBFNews

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The Metropolis Where Rents Rise 60%, 75%, Even 100%

Increases in Singapore surpass those in New York and London; ‘every time we’d counter, he’d just keep going up and up’​

BY FELIZ SOLOMON
APRIL 28, 2023


Soaring residential rents are weighing on Singapore’s bid to overtake Hong Kong as Asia’s premier financial hub.

PHOTO: HOW HWEE YOUNG/SHUTTERSTOCK

SINGAPORE—In February, five months before the lease was up on her Singapore condo, Sally Shoult asked her real-estate agent to delicately sound out the landlord about renewing. Then she braced for impact.

“I’d been hearing horror stories,” says Mrs. Shoult, a 39-year-old freelance copywriter from the U.K. “I was of two minds about whether I should even ask.”

Tenants like Mrs. Shoult have reason to dread their turn playing rental roulette: Increases that 18 months ago ran 10% to 20% now can reach a jaw-dropping 100%. Rent for prime residential properties rose faster in the Asian metropolis than in any other city last year, surpassing the annual increases in New York and London, according to the consulting firm Knight Frank.

Increases are steepest for large private condos in central neighborhoods, borne by affluent expats. In a March survey by the European Chamber of Commerce in Singapore, 97% of companies reported “visible anxiety and psychological distress” among staff due to rising costs. Almost 40% said they gave employees at least $1,120 a month in housing aid.

im-771305

Sally Shoult decided against paying nearly $10,000 a month.
SALLY SHOULT

The hikes are weighing on the city-state’s bid to overtake Hong Kong as Asia’s premier financial hub. Pressed by lawmakers, the Ministry of National Development in November said Singapore remains an attractive destination for global talent, listing such strengths as trade links, high health and education standards and quality of life. The cost of rental housing, it said, is just one factor businesses consider in looking at a potential base.

But as that cost soars, it tests the limits of Singapore’s appeal.

Mrs. Shoult’s agent called back after a few anxious weeks. The good news: The landlord said the Shoults were such good tenants that he’d offer them a 25% discount off his asking price. The bad news: That asking price was double their current rent, which means they’d have to fork out 75% more—bringing their monthly rent close to $10,000.

“Great news,” Mrs. Shoult joked in a widely viewed post on the TikTok video platform. “So generous of him!”

She’s moving out.


The reasons for the rental frenzy are many. Expats started returning last year after riding out the pandemic elsewhere. At the same time, waves of new immigrants arrived from Hong Kong and mainland China, seeing the city as a stable place to park their money as Washington and Beijing clash over issues like trade and security.

To make things worse, just as foreigners rushed to the tiny island nation—about a quarter the size of Rhode Island, with a population of 5.6 million—there was unprecedented demand from Singaporeans. Construction of new units had stalled during the pandemic, and many locals were offering top-dollar for short-term rentals while they waited for their new homes to be built.

Real-estate agents said the sky-high demand led to fierce bidding wars.

“I was scared to drive because my phone wouldn’t stop ringing,” said Amy Zeng, an agent for Singapore-based ERA Realty Network, about the height of the frenzy last year. She said she was getting five to 10 times as many inquiries as usual, and deals were closing at breakneck speed. People were throwing down massive deposits, sometimes without even seeing the unit.

im-771276

In the end, Francesca Tanmizi, her husband and their daughter gave up their home of two years.
LAURYN ISHAK FOR THE WALL STREET JOURNAL
With new units coming online this year and some resistance from renters, the market is starting to cool—but only slightly, with rents still far higher than in 2021. On average, a 750-square-foot, two-bedroom apartment in the central district costs about $3,205 a month, according to local property firm 99 Group.

Francesca Tanmizi, a 34-year-old full-time mom from Indonesia, prepared for the worst when she entered lease-renewal negotiations early this year. She loved the 2.5-bedroom unit she shared with her husband and their child for two years, and they’d agreed to keep it if at all possible.

So when the landlord asked them for 60% more, the couple agreed. But their acquiescence seemed to embolden him, and he tried to squeeze them for more. Back and forth they haggled in increments of roughly 1,000 Singapore dollars, equivalent to $750, until Ms. Tanmizi and her husband said they’d had enough.

“Every time we’d counter, he’d just keep going up and up,” she said.

For some, Singapore is simply no longer worth the stress. “I saw one article saying Singapore rent is overtaking places like New York,” said Singaporean Nicole Teo, a 33-year-old accounts manager for an American tech company.

“That’s just crazy,” she said, noting that while Singapore is seen as safe and stable, it is also regarded as a bit boring. “I think Singapore’s pushing its luck.”

Ms. Teo, who lives in the city with her British husband and their toddler, faced a 56% rent increase, and passed. They are considering a move to the U.K.

In real terms, renting generally still costs less in Singapore than in places like New York, though last year the price per square foot in some parts of Singapore narrowly edged out Hong Kong for the first time.

“This real-estate market is, like, on steroids,” said Jenny Li, a 38-year-old chiropractor from the U.S. She opted to move after her landlord raised the rent nearly 60%, but finding a new place was a whole other nightmare. Apartments in her price range were old, small and far from public transit. One appeared to be serving as a storage space for the landlord.

After nearly losing hope, Ms. Li found a place in a northeast suburb that she thought maybe—just maybe—could work. But the landlords, a sweet-looking elderly Singaporean couple, proceeded to play hardball.

Resistance is brewing as property owners keep asking for more—even for units that aren’t very nice, said Noam Nathan, a marketing director for ERA Realty Network. One owner, apparently believing renters were so desperate they’d pay just about anything, asked him to find a tenant for a rundown condo at what he thought was a ludicrous price.

Mr. Nathan turned down the job. “I’m not a magician,” he said.

im-767093

A housing construction site in Singapore earlier this year.
ROSLAN RAHMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Corrections & Amplifications
Francesca Tanmizi lived in her apartment for two years. An earlier version of this article incorrectly said she lived there for four years. (Corrected on April 28)

https://www.google.com/amp/s/www.ma...olis-where-rents-rise-60-75-even-100-60ee8f01
 

laksaboy

Alfrescian (Inf)
Asset
It's a Ponzi bubble that will burst eventually.

By the way, where are those procured submarines from Germany parked? :sneaky:
 

knowwhatyouwantinlife

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All these articles are they written by an AI...cos getting ad naseum? Elastic market supply and demand declare rental income pay tax no breaking of law let's move on, oh didn't somebody mentioned they are playing the role of property agent which is not in their jd recently?
 

countryman

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Rental prices rise in tandem with interest rates hikes n also cost of living in Sinkapor..Condo monthly management fees, property tax have gone up a lot also post covid.. So can't really blame the landlords.
Look @The soaring prices of cars now n the gahmen is not doing anything about it !
 

tanwahtiu

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Time to charge tax sharing for child bearing cost fee by child gahmen...

It take 20 years to bring up a child from baby to uni grade adulthood to the child parents and child gahmen... which cost $200k... but cost nothing to Singapore.... bring in instant noodle adulthood workers from other countries.. without child bearing cost and responsibility...

And when the child go aboard to work in Singapore and pay taxes to Singapore gahmen, the child gahmen want a fair share of tax collected by the Singapore gahmen on the child ... 50/50...

This is to pay child gahmen cost of child bearing.... no such thing as free lunch....

Work oversea or migration is disrupted....

Simply put... if you create too many jobs in your country that's your fucking problem... go increase your population growth... want my talented child to work in your country.... here is the child cost bearing bills to you... $200k... share this cost bearing child ....
 
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SBFNews

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Soaring rental prices spark exodus of Australian expats from Singapore
https://www.abc.net.au/news/2023-05-04/soaring-rental-prices-spark-exodus-of-australian/102301902

PS: Expats also have very poor driving skills, because of their self-entitlement mindset on the road or like their gals to blow them while driving; they tend to get involve in a lot of traffic accidents in Singapore.
Amongst all the AMDK and AMDL in Singapore, I hate Aussies the most. Howlian and most of them think they are superior Asians. Fuck Aussies :FU:
 

Byebye Penis

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Loyal
Amongst all the AMDK and AMDL in Singapore, I hate Aussies the most. Howlian and most of them think they are superior Asians. Fuck Aussies :FU:
and they are poorer than most of us, so they xiam paying most of the time.

I know one Filipino-Aust chiropractor depends on his Singapore 3M wife to feed him, and basically fucks his old granny clients to make ends meet.
 
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