These figures mirror a move by tenants to quality who are relocating themselves from suburban areas to the city. The result of this is that the rates of rentals for condos and private apartments that are closer to the centre of the city for Lend Lease Paya Lebar have showed less of a decline than those in further away areas.
July market the 6th consecutive drop, month on month, for rents in residential areas of non-landed private homes overall, to 0.3%.
Another analyst has noted that, as a result of the mix of capped demand and a rising supply, a continuation of the downward pressure can still be felt for rents.
Paya Lebar Lend Lease Condo
A total of 9,945 private residences in Lend Lease Paya Lebar condo were given their Temporary Occupation Permits during the first half of 2015, based on data given by the Urban Redevelopment Authority. This figures is quite close to the 10,863 average annual completions of units occurring over a decade from 2005 to 2014.
Due to foreign labour conditions being tight in Singapore, the demand has stayed moderate. One example is the increase in the figure of employment pass holders, which had risen in 2014 to 3,8000, according to the data given by Ministry of Manpower. The contrast here is a very stark one when compared to 2011, where the figure rose by 32,100.
After a small climb in June of 0.1%, the overall rental index for the Housing Development Board dropped in July by 0.1%, month on month.