Singapore

Growth slowed from the 3.3% increase recorded in the previous quarter.

Rents are estimated to have risen 1.2% in Q2, the first ever increase since the pandemic hit.

It was a 548 sqm unit at Park Nova sold for S$34.4m in May 2021.

Rents increased 2.4% in Q1.

Savills provides a short narrative to explain the phenomenon.

Private home prices increased 3.1% in Q1, thanks to a 6.7% hike in landed property prices.

Analysts revised up pricing outlook as the probability of cooling measures wanes.

New launches increased 18.1% to 3,716 units, driving healthy sales figures.

New private home launches fell from 1,038 units in April to just 514 units in May. 

Rents of non-landed homes in this region increased 2.9%.

The leasing volume was up 8.7% to  23,567 year-on-year.

There is increasing demand from WFH locals who want their own confined space.

Transactions fell from 2,340 in April to 1,966 in May.

Despite the challenges, Drew & Napier’s Director and Co-Head for Real Estate still believe that the industry is and has always been an exciting area to work in.

Taiwan, Singapore, and Australia saw a spike in business park transactions in Q1.

The flats in Bukit Merah and Geylang could see strong demand but applicants will have to wait for longer.