SINGAPORE - It was a mixed picture for Singapore's rental housing market - while rents for HDB flats and private apartments saw their first monthly increase in four months in July, leasings fell as the Covid-19 pandemic continued to impact travel and jobs.
The recent announcement of the Periodic Commuting Arrangement would allow some of these workers to go to Malaysia to see their families. However, as they would have to stay in Singapore for at least 90 days before returning for home leave, these workers would still require accommodation in Singapore, said Mr Mak.
"We may expect more tenants to continue to opt for cheaper housing options as some may be facing pay cuts or given smaller housing packages in the current macroeconomic uncertainties," said Ms Sun. The weakness in the employment market which led to job losses among some expatriates resulted in the contraction in leasing demand, said Mr Mak. This is illustrated by the sharp 30-plus per cent year-on-year decline in leasing volume in both the private and public housing market in July.
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