SG Morning Highlights | Singtel Announces Senior Management Changes to Support Growth Strategy

Advancers / Decliners is 62 / 77, with 68.30M securities worth S$76.65M changing hands.

In 2024, the HDB rental market in Singapore is predicted to see a moderate increase in prices, with OrangeTee forecasting a growth of 2%-3% and Huttons estimating a 3%-4% rise, driven by improved leasing activities and a tight supply of flats. Factors such as lower interest rates, economic recovery, and increased expat hiring due to positive business sentiment are expected to further support this growth. Additionally, while HDB rents are on the rise, the condominium rental market might remain flat towards the end of 2024, particularly as new private property launches could lead some owners to sell their properties and move into rental accommodations temporarily.

Despite a 7.5% drop in condo rental transactions in October, the condo rental market is projected to maintain stability throughout 2024, with flat growth anticipated as demand slowly recovers alongside broader economic improvements. Huttons reports that despite the recent decrease in transactions, rent prices have remained firm, showcasing market resilience. This resilience is partially attributed to easing interest rates which have alleviated some financial pressure on landlords, allowing them to maintain their asking rents even as condo completions have increased in the past two months. Additionally, OrangeTee highlights a growing interest in luxury and premium housing within the Core Central Region (CCR), where the market share increased to 32.2% in October 2024 from 30.9% in May 2024, indicating a rising demand for high-end accommodations as rental price differences between market segments narrow.