Attractive rents and new supply supported the overall lease volume growth.
Leasing volume for non-landed residential property in Q3 rose 24.4% quarter-on-quarter (QoQ) to 25,731 amidst the school year and corporate relocation cycles, as well as lease expiries and renewals, Savills reported.
Transactions were led by the Rest of Central Region (RCR), which grew 25.2% during the period, followed by the Core Central Region (CCR) at 23.5% and the Outside of Central Region (OCR) at 21.2%.
Overall, the growth in lease volume was mainly due to more people upgrading their accommodation, fuelled by more attractive rents and new supply.
This marks the first rise for islandwide non-landed private homes to 0.5% QoQ due to a shift from public housing units to entry-level condominiums.
Tenants are now seeking one to two-bedroom units, instead of sharing a larger unit with others as rents have consistently decreased over the last four quarters.
The top three projects with the highest leasing volume this quarter were Stirling Residences, The Sail @ Marina Bay, and Marina One Residences.
Meanwhile, Core Central Region (CCR) reported a 1.6% QoQ rental decline, decreasing for the fifth consecutive quarter.
In addition, rents for high-end non-landed private residential projects continued to decline by 0.9% QoQ in Q3.
