If you are moving to Singapore for work, or just looking for a temporary place to stay because of high property prices, now is probably one of the best times to rent.
According to CBRE Research, rent in Singapore has fallen by as much as 13 per cent at the end of 2016 from a peak in the third quarter of 2013.
Source
If you want to know why this is happening, there are a couple of reasons that could explain this Singapore rental market trend.
1. Stricter Government immigration policies, so less foreigners coming in
2. Low interest rates the past few years has led to more purchases
3. Increased liquidity from en bloc sales
So yes, because of the downward Singapore rental market trend, you could not have found a better time if you are looking for a place to stay.
With that in mind, we have scoured all the rental price data from 2015 till 2018 to find which properties had the biggest price drops in rent.
Just note that the comparison was made between July 15-16 and July 17-18.
Perhaps this might help you find some rental bargains.
Enjoy.
Top 20 Biggest Rental Drops From July 2015 to July 2018
1. Carmi Mansions
The highest entry on this list at a staggering 61.46% drop is Carmi Mansions. The lowest monthly rent for a unit of floor area 1200 to 1300 sqft is now at $750.
It is a freehold apartment located at Lorong 33 Geylang in District 14. The location just off Sims Avenue is actually quite central and it is located between two popular MRT stations, Aljunied and Paya Lebar. They are both walkable in less than 10 minutes so you get convenient access to both the Circle Line and the East West Line. There are only 7 units in the development so it might not be so easy to come by.
2. Kilat Centre
The second highest entry is Kilat Centre at 56.52% for a studio unit as well. The lowest monthly rent for a unit of floor area 1200 to 1300 sqft is now at $1,000.
This is a freehold apartment located at Lorong Kilat in District 21. Beauty World MRT station is a short walk away at about 450m and it runs on the Downtown line so it provides fast connectivity to the CBD. There are also a lot of food options around the area, so connectivity and convenience wise that is quite good.
3. Delfi Orchard
The next highest drop is Delfi Orchard at 51.24% for a 3 bedroom unit. The monthly rent for this 3 bedroom was at $2,000 for a floor area of 1500 to 1600 sqft, which is really a steal for the orchard area.
Delfi Orchard is a freehold apartment located at Orchard Road in District 9. Of course since it is in the Orchard area it has great options for dining, shopping and entertainment. Although it is located at the start of the Orchard shopping belt so it is a little further from the MRT station but still under a 10 minute walk. There are only 23 units in the development so again, they might be quite hard to come by.
4. Kimetal Building
At fourth place on the list is Kimetal Building at 44.86% for a 3 bedroom unit. The most recent monthly rent for a 3 bedroom unit is now hovering between $1,700 to $2,000.
Kimetal is a freehold building located at 101 Beach Road in District 7 that has commercial units as well. It is located about 350m away from the Bugis MRT station.
5. Feng Lai Mansion
The next development on the list is Feng Lai Mansion. The recent cheapest monthly rent for a unit is now at $2,600.
Feng Lai Mansion is a freehold apartment situated at Guillemard Road in District 14. Its location is similar to Carmi Mansions and it is in the centre of 3 MRT stations, Aljunied, Paya Lebar and Dakota. This means that you can access both the East West and Circle Line.
6. Mansions 28
Mansions 28 comes in at 6th place on this list with a 41.94% drop from previous years. The most recent monthly rent for a unit is at $2,900.
This development is a freehold apartment located at Lorong 31 Geylang in District 14. It is a less than 10 minutes walk to both Paya Lebar and Aljunied MRT station which gives you access to the East West and Circle Line.
7. Cassia Edge
Cassia Edge posted a 41.07% drop in rent for a 3 bedroom unit. There was a transaction in December 2015 at $3,400 and in March 2018 a 3 bedroom unit was rented out for $2,000.
Cassia Edge is a freehold apartment located at Guillemard Road in District 14. It has 27 units and is about an 8 minute walk away from Dakota MRT station on the Circle Line.
8. Thye Shan Mansion
Thye Shan Mansion had a drop in rent of about 39.68% to $4,500 up from $7,000 in March 2016.
Thye Shan Mansion is a apartment that is located at New Bridge Road in District 2. It has a great convenient location, being only a 3 minute walk to Outram Park MRT station.
9. Lloyd Court
Lloyd Court comes in at 9th place on this list with a fall in rent of 38.89%. This is from a 3 bedroom unit that was at $4,500 in October 2015 that fell to $3,700 in October 2017. Curiously, there was a bigger 3 bedroom unit that was rented at an even lower rent of $1,500.
Lloyd Court is a freehold apartment located at Lloyd Road in District 9. It is in the Somerset area so really close to the Orchard Road shopping belt. You can walk to Somerset MRT station in under 10 minutes.
10. D’Chateau @ Shelford
D’Chateau @ Shelford occupies 10th place on this list with a fall in rent of 37.78%. This is from a 3 bedroom unit that was at $7,000 in January 2016. In October 2017, a 3 bedroom of a slightly smaller size was rented out at $3,500.
D’Chateau @ Shelford is a freehold condominium at Shelford Road in District 11. It is a small development at 31 units and is under a 10 minute walk to Tan Kah Kee MRT station.
11. The Albracca
The Albracca posted a drop in rent of 37.75%. A unit that was 1700 to 1800 sqft was rented out at 4,200 in June 2016, but this fell to $2,150 in October 2017.
The Albracca is a freehold apartment in Meyer Place in District 15. It went en bloc in July 2017 for $69.1 million so it might be easier to come by rental units.
12. Bluwaters 2
Bluwaters 2 comes in at 12th on this list with a drop in rent of 37.3%. In September 2015 a 3 bedroom unit was rented out at $3,500 but this dropped to $2,000 for a similar sized unit in January 2018.
Bluwaters 2 is a 999-year leasehold development that is located at Jalan Loyang Besar in District 17. However, this development does not have the best connectivity to an MRT station as you would have to take a bus to get there. Pasir Ris MRT station is located about 1.79km away.
13. First Point Suites
First Point Suites posted a drop in rent of 37% for a 1 bedroom unit. In October 2015, this was going for $3,000. This dropped to $1,900 in March 2018.
First Point Suites is a freehold apartment located at Lorong H Telok Kurau in District 15. It has only 12 units and is a 9 minute walk away from Kembangan MRT station on the East West Line.
14. The Sensoria
The Sensoria comes in at 14th on this list with a drop in rent of 36.43%. This was from a 2 bedroom unit that was rented out for $6,000 in August 2015. In July 2017, a similar sized 2 bedroom unit was rented out at $2,000.
The Sensoria is a freehold condominium that is located at Jalan Ulu Sembawang in District 26. It has a total of 73 units and is situated 1.42 km away from Yishun MRT station. Sembawang MRT station is at an equal distance away as well.
15. iSuites @ Tani
iSuites @ Tani is the 15th entrant on this list with a fall in rent of 36.05% for a 2 bedroom unit. This was because in August 2015, a 2 bedroom unit was rented out at $2,600. However, in November 2017 this had fallen to $1,500 for a similar sized unit.
iSuites @ Tani is a 999-year leasehold apartment located at Jalan Tani in District 19. It is about a 10 minute walk away from Kovan MRT station.
16. Kent Residences
Kent Residences posted a fall in rent of 35.56%. This was from a unit in December 2015 that was rented out at $2,250. This fell to $1,450 in July 2017 for a unit of the same size.
Kent Residences is a freehold condominium that is located at Kent Road in District 8. It has a total of 13 units and is an 8 minute walk away from Farrer Park MRT station.
17. Vicenta Lodge
Vicenta Lodge comes in at 17th on this list with a drop in rent of 35.27%. A unit was rented out at a high of $3,300 in March 2016 and this is in contrast to a recent similar sized unit being rented out for $2,100.
Vicenta Lodge is a freehold condominium that is located at Lorong Marzuki in District 14. It is close to Kembangan MRT station as you can walk there in under 5 minutes.
18. The Stellar
The Stellar posted a 35.04% drop in rent. This was from a 2 bedroom unit that was rented out at a high of $5,850 in December 2015. This was in comparison to a similar sized unit that was rented for $4,000 in January 2018.
The Stellar is a freehold condominium in situated at Clementi Road in District 5. It has a total of 162 units and is located about 1.83km away from Kent Ridge MRT station.
19. Urban Lofts
Urban Lofts is the second last entrance on this list with a fall in rent of 34.29% for a 2 bedroom unit. This was from a unit that was rented out in August 2015 at $3,800. This fell to $2,300 in September 2017.
Urban Lofts is a freehold condominium located at Rangoon Road in District 8. It is a very short walk to Farrer Park MRT station is just 2 minutes walk.
20. Yong Seng Estate
The last entrant to this list is Yong Seng Estate, which recorded a fall in rent of 32.69%. This was from a unit that was rented out at $3,500 in October 2015 that fell to $2,000 for a similar sized unit in May 2018.
Yong Seng Estate is a freehold terraced housing development located at Jalan Senang in District 14. It is located at about a 10-minute walk away from Kembangan MRT station.
So here comes the end of our list of properties with the biggest drop in rent. If you have been following the Singapore rental market trend closely, it certainly does not paint a good picture.
Of course, this is not the full list of properties. If you would like to know the other units as well you can reach out to us at stories@stackedhomes.com!
At Stacked, we like to look beyond the headlines and surface-level numbers, and focus on how things play out in the real world.
If you’d like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.
And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com — we read every message.
Frequently asked questions
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