{"id":102524,"date":"2018-12-26T11:49:43","date_gmt":"2018-12-26T04:49:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/promising-outlook-for-private-residential-leasing-market\/"},"modified":"2018-12-26T12:06:33","modified_gmt":"2018-12-26T05:06:33","slug":"promising-outlook-for-private-residential-leasing-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/promising-outlook-for-private-residential-leasing-market\/","title":{"rendered":"Promising outlook for private residential leasing market"},"content":{"rendered":"


\n\u00a0
\nDespite the softening demand from expatriates, the private residential leasing market\u2019s outlook appears to be promising in 2019, with occupancy rates and rents expected to improve, reported the Business Times.
\nThis comes on the back of easing supply as well as demand from displaced owners of en bloc sales projects.
\nData from the Urban Redevelopment Authority (URA) shows that 10,119 private housing units are expected to be completed next year, up from the 7,898 units expected to be completed this year.
\nGet more details on the property market outlook for 2019 here
\nAnd although a potential weaker global economy may lead to softening expatriate demand, this could be offset by growing demand from citizens and permanent residents (PRs), including displaced tenants and owners of en bloc sales projects, noted a Savills Research report.
\nSavills revealed that the number of non-residents in Singapore dipped by 0.1 percent year-on-year to 1.64 million as at June 2018.
\nWith this, it expects rents to firm up in the next few quarters before climbing by 1.0 to 3.0 percent next year.
\n\u201c2019 would likely be a landlords\u2019 market given the relatively low supply of units to be completed as well as the expected withdrawal of stock arising from the redevelopment of en bloc sites,\u201d said Ong Teck Hui, senior director (research & consultancy) at JLL.
\nHe noted that the number of private homes slated for completion in 2019 is also lower than last year\u2019s 16,500 units and the 20,800 units in 2016.
\n\u201cConsequently, rents are likely to continue enjoying an upside in 2019, with the newer properties having an advantage in attracting tenants and securing better rentals,\u201d added Ong.
\nHuttons Asia believes rents will pick up by 2.0 percent this year, and continue to increase next year, bolstered by economic growth.
\n\u201cIf market demand maintains at the 10-year historical average of 11,400 units, the occupancy rate will continue to improve and rents might edge up another 3.0 to 5.0 percent in 2019,\u201d said Huttons Asia head of research Lee Sze Teck.
\nKnight Frank senior director and head of research, Lee Nai Jia, also forecasts a more positive outlook for 2019, with the vacancy rate continuing to fall while new completions are progressively absorbed.
\n\u201cThe slower pace of growth in supply allows demand from the foreign workforce to catch up. The uncertain market may also encourage some buyers to enter the rental market, especially if they adopt a wait-and-see approach,\u201d he said.
\nBarring major external shocks, OrangeTee & Tie head of research Christine Sun expects rents to rise by 0.5 to 1.0 percent this year and another 1.0 to 2.0 percent in 2019, while Colliers International head of research (Singapore) Tricia Song projects rents to increase by 5.0 percent next year.
\nHuttons expects rents within the Core Central Region (CCR) to rise faster than the Outside Central Region (OCR) and the Rest of Central Region (RCR).
\n\u201cThere has been very low volume of launches in the CCR for the past few years. Coupled with the high number of successful en bloc deals in the CCR \u2013 almost 40 sites or 1,800 units since 2016 \u2013 it means that growth of new residential units in the CCR will be very low in 2019,\u201d noted Huttons\u2019 Lee.
\nMeanwhile, JLL\u2019s Ong expects the reduced completed supply in 2019 and 2020 to bolster rents in all three regions.
\nHowever, he expects supply to rebound from 2021 onwards as the completed supply from active land sales from 2016 to the first quarter of 2018 starts to enter the market.
\nBased on URA data, 3,472 private homes could be completed by 2020, which could jump to 12,263 units by 2021 and 16,467 units by 2022.
\nTo know more about the property hotspots for 2019, check out\u00a0PropertyGuru AreaInsider
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Promising outlook for private residential leasing market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Despite the softening demand from expatriates, the private residential leasing market\u2019s outlook appears to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102524","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qFC","jetpack-related-posts":[{"id":102395,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-rental-market-to-soften-on-lower-expat-arrivals\/","url_meta":{"origin":102524,"position":0},"title":"Singapore\u2019s rental market to soften on lower expat arrivals","date":"December 19, 2018","format":false,"excerpt":"\r Expatriate housing packages have also been on the downtrend in recent years, placing some downward pressure on rental growth.\u00a0 Singapore\u2019s rental market is expected to soften next year on the back of the declining number of expats coming into the city-state. The number of non-residents in Singapore dropped by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71713,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rosy-outlook-for-residential-market\/","url_meta":{"origin":102524,"position":1},"title":"Rosy outlook for residential market","date":"November 14, 2017","format":false,"excerpt":"\r The outlook for Singapore\u2019s housing market appears bright, according to an article written by Cushman & Wakefield Singapore\u2019s Research Head Christine Li that was posted on TODAYonline. 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New private home sales in Singapore is forecasted to decline by about 20 percent year-on-year to 7,500 to 8,500 units for the whole of 2019, while prices of such properties could drop by up to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71104,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-sales-soars-by-over-4-fold-says-mnd\/","url_meta":{"origin":102524,"position":3},"title":"En bloc sales soars by over 4-fold, says MND","date":"November 7, 2017","format":false,"excerpt":"\r An aerial view of Rio Casa, a 286-unit development at Hougang Avenue 7. (Photo: Knight Frank Singapore) Collective sales have surged from around 600 units for the whole of 2016 to about 2,700 existing private homes so far this year, revealed the Ministry of National Development (MND) during a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101756,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cooling-measures-dampened-buying-sentiment-in-q3-report\/","url_meta":{"origin":102524,"position":4},"title":"Cooling measures dampened buying sentiment in Q3: report","date":"November 28, 2018","format":false,"excerpt":"\r En bloc sales in Singapore have come to a halt while residential sales have also suffered. The government\u2019s latest round of property cooling measures dampened buying sentiment in the private residential market during the third quarter of 2018, said Edmund Tie & Company (ET&Co) in a report. 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By Romesh Navaratnarajah Recent property cooling measures may have dampened market sentiment towards the end of 2018, but this year will see\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102524"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=102524"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102524\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}