There was a weakening in rental demand in 1Q2011 for typical prime properties in the East Coast and Central region (Districts 1 to 4: the CBD,
Marina Bay, Tanjong Pagar and Sentosa Cove; and Districts 9 and 10: the traditional prime Orchard Road neighbourhood), with rates remaining flat
from 4Q2010.
JLL says in a March 30 report that the key factor behind the softening in
rental values is the increase in the supply of two- and three-bedroom apartments
in these locations. Meanwhile, luxury prime properties managed a marginal 0.7% q-o-q gain in rental rates, in line with the marginal growth in capital values seen in 1Q.
In the prime districts, however, the larger four-bedroom units continue to be in demand, says Jacqueline Wong, head of residential at JLL. “The preference
of the expatriate community is for larger four-bedroom apartments of at least 2,800 sq ft and come with entertainment areas.”
extracted from the Edge Singapore
