Rents for landed homes surged 14.5 per cent in the first quarter and 39.3 per cent on a yearly basis.
SINGAPORE: Rents for luxury homes have soared amid demand from high net worth individuals, who are willing to pay top dollar for these homes, analysts said.signs pointed to a slowing down
A National University of Singapore professor attributed the sharp rise to two factors – the low supply of luxury homes and strong demand from high net worth individuals.Professor Qian Wenlan, director of NUS' Institute of Real Estate and Urban StudiesThe number of landed properties under construction peaked in the fourth quarter of 2012, according to data from the Urban Redevelopment Authority .
These foreigners are not eligible to buy landed houses, but they can afford to pay high rents, he said. Besides family offices, they could include other investors and senior management of foreign MNCs relocating to Singapore.
This means that the median rent for a GCB with a land area of 15,070 sq ft – the minimum size to be classified as one – would have more than doubled from S$25,619 to S$56,512.50 in less than three years. She also pointed out that landed homes are mainly owner-occupied, so landlords have been able to command higher rents due to the limited supply of homes put up for rent.
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