Singapore’s top five condos with the highest leasing volume in Q2 revealed
One of the five non-landed projects saw a rental decline of 3.5%.
According to a Savills report, the top five non-landed projects in Singapore with the highest leasing volume in Q2/2023 were The Sail @ Marina Bay at Marina Boulevard, D’Leedon at Leedon Heights, Jadescape at Shunfu Road, Marina One Residences at Marina Way and J Gateway at Gateway Drive.
“Leases for D’Leedon were well balanced amongst the one-, two- and three- bedroom units, while the rental volume by unit type in the other four projects were mainly for one- and two-bedroom units,” the report added.
Here’s more from Savills:
Compared with the previous quarter, the median rent in Jadescape recorded the highest decline of 3.5%, followed by J Gateway and The Sail @ Marina Bay falling by 1.3% and 0.8%, respectively.
On the other hand, the median rent in Marina One Residences remained flat, while that in D’Leedon still edged up 0.3% QoQ underpinned by the pull of being within 1km to Nanyang Primary School and the array of facilities have been a draw for multinational tenants.
In the past two years, there has been a steady increase in the market share of leasing contracts for non-landed homes with monthly rents above S$4,000, especially those in the range of S$4,001 to S$8,000. The proportion of transactions for monthly rents between S$4,001 to S$6,000 surged from 16.3% in 2021 to 37.6% in 1H/2023, while that for monthly rents from S$6,001 to S$8,000 also increased from 5.7% in 2021 to 12.5% in 1H/2023.
Consequently, the market share of leases with rents no more than S$4,000 per month declined over the same period, falling substantially by 33.3 percentage points (ppts) from 73.7% in 2021 to 40.4% in 1H/2023. A reason for this changing profile is that because rents have escalated sharply in the past two years, tenants have to move up to higher rental bands.