The Altura EC Bukit Batok has already received much attention from potential buyers wanting to stay close to the city centre. The anticipated launch of the project has been eagerly awaited by homebuyers searching for affordable living options within the highly sought-after area. Those looking to purchase an executive condo unit in the area will not be disappointed; details of the Altura EC showflat and its highly anticipated price list will be released soon. Keep your eyes open for the updated information, as this upcoming project will be highly sought-after.

Private rental transactions in Singapore fell 11.7% y-o-y in the first quarter of 2023, according to URA figures. Despite this, Savills Research still predicts rental growth for the year of 5-10% for non-landed private property in the mid-tier and mass market segments, and 10-15% for luxury apartments.

Savills notes that the slowdown in rental demand in 1Q2023 is likely more due to economic-driven factors rather than high rents pushing foreign demand away from Singapore. The consultancy further highlights that since mid-February, there have been “pockets of increasing slack in rental demand”, particularly for properties with a monthly rental amount of less than $10,000.

On the supply side, the 17,600 new private residential units expected to complete in 2023 may contribute to the softening of rents as there is more selection for tenants. Additionally, economic challenges faced by tech and other companies may also impact demand for rental properties from foreign talent.

Marcus Loo, CEO of Savills Singapore, remarks that with more private residential projects completions expected in the year, the rental pressure is expected to ease, providing locals and expatriates greater ease of mind when making their accommodation plans.

Alan Cheong, head of research and consultancy at Savills Singapore, says the firm is maintaining its rental growth forecast for 2023 despite the decline in the leasing market. He adds that some foreign high-net-worth individuals may decide to rent instead of buying due to the new 60% Additional Buyer’s Stamp Duty (ABSD) levy, while they wait for their permanent residency or Singapore citizenship.

Overall, with the increase in supply of new homes and potential slowdown in rental demand due to economic challenges, Savills expects private residential rents to soften in 2H2023.