Savills Singapore’s Post

Singapore private residential leasing surges 24.4% in Q3 2024 – Savills According to Savills Research, private residential leasing in Singapore surged 24.4% in Q3 2024, led by seasonal factors and corporate relocations, says Alan Cheong (GradStat), Executive Director, Research & Consultancy, Savills Singapore. Savills Research shares that the leasing volume of private residential properties (excluding executive condominiums) climbed 24.4% quarter-on-quarter (QoQ) to 25,731. This is due to seasonal factors such as the school year and corporate relocation cycles, as well as lease expiries and renewals. The number of rental contracts was also 9.9% higher than the 23,422 recorded in the same period in 2023. The QoQ growth in the third quarter was observed across various property types and market segments. Rental contracts for landed properties surged by 46% QoQ, while that for non-landed residential properties rose by 23.2% QoQ. Read more on RETalk Asia: https://lnkd.in/dVyNTuEK The ASEAN Developer COMMO Savills Savills Research & Consultancy, Asia Pacific Savills Singapore Alan Cheong (GradStat) George Tan Marcus Loo #savills #savillsresearch #savillssingapore #singapore #realestate #residentialrealestate #singaporerentals #privateresidential #leasingmarket #q32024 #rentaltrends #propertymarket #realestatenews

EdgeProp Singapore: Savills reveals that Singapore is ranked 23rd out of 30 cities in prime residential property price growth in its 1H2024 prime residential index. This index measures and ranks the average capital value growth of prime residential properties over the first half of this year. Singapore registered an overall drop of 0.3% in prime residential property prices. It also fell short of the global average price growth of 0.8% recorded in 1H2024. Alan Cheong (GradStat) Cheong, Executive Director of Research and Consultancy at Savills Singapore, says the lack of new prime residential launches for 1H2024 exerted downward pressure on the market. Get the insights here: http://sav.li/bbu #savillssg #1H2024 #primeresidential #capitalvalue #worldcitiesindex #residentialpricegrowth Zhen Zeng Wen Fang Tai

Savills Research shared that the leasing volume of private residential properties (excluding executive condominiums) climbed 24.4% quarter-on-quarter (QoQ) to 25,731. This is due to seasonal factors such as the school year and corporate relocation cycles, as well as lease expiries and renewals.   The number of rental contracts was also 9.9% higher than that recorded in the same period in 2023. The quarter-on-quarter (QoQ) growth in the third quarter was observed across various property types and market segments. Landed properties saw a surge by 46% QoQ, while non-landed residential properties rose by 23.2% QoQ.   George Tan, Managing Director, Livethere Residential, Savills Singapore said, “The private residential rental market saw a healthy amount of leasing activity. Rental demand remains positive, particularly for the smaller and mid-tier units, as they appeal to expatriates and professionals, keeping rents steady. The luxury segment showed a slight dip in rental rates, probably due to softer demand and fewer expatriates with budgets for large, high value units. Overall, the private rental market may continue to see stable demand, especially at the more affordable levels.”   #savillssg #savillsresearch #Q3 #Q3residentialleasing #privatepropertyrents #propertyrental #propertyforlease #privateresidential #nonlanded Jocelyn Choong Anni Kum Rowena Teo Pamela Lai Eleanor Tan Fion Wong Jasmine Eng Clarice Neo

Hong Kong's mid-market property segment is "buzzing" with deal-making activity according to CBRE Asia Pacific, they note that this segment is benefiting from the region's economic resilience and attractive investment opportunities. Like the post shared by Girish Jhunjhnuwala last week whereby SMEs have the ability to contribute to the retail and tourism recovery, it’s crucial to keep an eye on emerging trends in dynamic markets such as #HongKong. CBREs venture with 'Value Properties’ into the mid-market segment offers significant potential for growth and stability, making it a strategic direction for the firm’s advisory & transaction teams and opportunities for investor portfolio diversification. Understanding local market dynamics and investor sentiment can help us navigate and capitalise on these opportunities. #AssetManagement #PropertyInvestment #MarketTrends

Singapore Business Review: Savills research data showed private residential rents slipped 1.3% year-on-year in the first quarter, partially reversing the 4.8% YoY increase in the same three-month period a year ago. Alan Cheong, Executive Director for Research & Consultancy at Savills Singapore, said rents have been gradually adjusting downwards recently as landlords move to attract tenants, especially those who missed out on the rental surge over the past two years.   “This could be due to lagged behaviour effects when landlords, in 2022, were slow to adjust rents upwards when the available stock for lease was dwindling fast,” Cheong said. “Landlords who saw themselves missing out on the rental bonanza last year just after their 2022 vintage leases were signed, now wanted to be recompensed for the opportunity costs.”   Read more here: http://sav.li/9hf   #Savillssg #Savillsresearch #Q1 #rentalguide #privateresidential #condo #rents Alan Cheong (GradStat) Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum

Real Estate Asia: Savills Research reveals that the number of new private residential launches in the second quarter has declined 73.3% year-on-year. This is the lowest in the quarter since Q4/2022.   Developments launched were also generally smaller in scale, which may have led to slower take-up rates. The resale market has rebounded in Q2, increasing 36.7% quarter-on-quarter, the highest since Q2/2022.   George Tan, Managing Director, Livethere Residential, Savills Singapore says, “We are seeing higher sales in the resale market currently because less projects were launched. However, we expect sales of new developments to pick up in the second half of this year, especially when larger-scale projects will be launched across all the three market segments and the anticipation of lower interest rates.”   Alan Cheong (GradStat), Executive Director, Research & Consultancy, Savills Singapore comments, “While there appears to be some indigestion in the new sales market, developers may not have the flexibility to lower prices. Unless the project has exceptional attributes, first week new sales would likely hover around 25% to 30%. Moving forward, we may see a new trend where projects may experience sales clustering around the start of launch and another as it nears completion.”   Read the insights here : http://sav.li/bgy   #savillssg #savillsresearch #primeresidentialproperty #nonlanded #residentialsales #sale #resale #forsale #newsale #condosales #condo

Some regions in Asia have long-standing reputations for having expensive real estate markets. Names like Singapore or Hong Kong may come to mind, but there are a couple of up-and-coming cities that are giving these traditional hubs a run for their money. I spoke with JLL to learn more about the residential leasing markets in Asia. Find out what the top 4 up-and-coming rental markets are in the region in my story below: CNBC CNBC International CNBC Make It #cnbc #realestate #housing #rent #residentialproperty #asia https://lnkd.in/gcRJeCxJ

Colliers has released its Q2 2024 Office Report | Singapore, highlighting how Core CBD Premium and Grade A rents have continued its ascent by 0.5% QOQ to SGD11.63 per sq ft. This continued growth in rents can be attributed to renewals signed at higher rents and the ability of landlords to hold up their rents, but average capital values of this segment have declined slightly to SGD3,050 per sq ft. Download the full report for more in-depth insights: https://ow.ly/jMQ650SAYVM

Savills Research notes that the vacancy rate of CBD Grade A offices has risen slightly, by 0.2 ppt to 6.2% in Q3/2024. The average monthly rents of CBD Grade A offices in Savills basket of rents rose by 0.3% quarter-on-quarter in Q3/2024. Compared to the same period a year ago, office rents grew by 0.5%. Ashley Joseph Swan, Executive Director, Commercial, Industrial & Logistics, Savills Singapore says, “The Singapore office market remained fairly flat in the third quarter despite a slight recovery in activity levels. This increased level has led to more leases being concluded with several larger tenants committing to new leases or being on the lookout for a potential move. Despite these green shoots, demand remains weak, and we expect this to continue through 2025 supported by a lack of supply with new builds thinning within the CBD.” Savills forecast CBD Grade A rents to be stable at 0% to 1% for 2024, and -1% to 1% for 2025. Read more here: http://sav.li/cx4 #savillssg #Q3Officereport #Q3 #officeleasing #CBDrents #officerental #officevacancyrate Ashley Joseph Swan Agnes Tay Denise Kiang Kimberly Seow Jieru Ng Lawrence Teo Greg Marler Colin Jones Ng Wan Ping Joseph Seah

Savills Research shares that rents in the first quarter are lower than they were a year ago. Overall rents have dropped by 1.3% on a year-on-year (YoY) basis. Rents for the more popular rental types (1- to 3-bedroom units) slid further, falling 2.1% on a quarterly basis. Average median rental dropped the most for the 3-bedroom types (2.6%).   Alan Cheong, Executive Director, Research & Consultancy, Savills Singapore comments, “So far, rents have been adjusting downwards in a well-mannered fashion and we believe one of the reasons for this is that landlords had not been panicking to sign on tenants at low ball offers. This could be due to lagged behaviour effects when landlords, in 2022, were slow to adjust rents upwards when the available stock for lease was dwindling fast. Now, the same may be playing out when landlords who saw themselves missing out on the rental bonanza last year just after their 2022 vintage leases were signed, now wanted to be recompensed for the opportunity costs.”   George Tan, Managing Director, Livethere Residential, Savills Singapore says, “We are expecting about 9,600 units of new private residential housing in 2024. As this number is significantly lower than the 19,376 units that were completed in 2023, it may reduce the pressure to lower rents.”   Get the insights here: http://sav.li/9jf   #Savillssg #Savillsresearch #Q1 #rentalguide #privateresidential #condo #rents Alan Cheong (GradStat) Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum