Expatriates ditching Hong Kong stoke Singapore home rents to 2014 high

Rents in core central, overall central and outside central districts in the city state ranged from S$3.20 to S$4.43 per square foot per month in February, according to Singapore-listed PropNex. That translates into a 10.2 per cent to 11.9 per cent increase on an annual basis.

Recent reports indicated several multinational companies have shifted some of their key executives to Singapore to sidestep Hong Kong’s tough Covid-19 quarantine and travel restrictions. French lender Societe Generale is temporarily moving about a dozen traders from Hong Kong to Singapore, Bloomberg reported last month.

“We have seen more Hong Kong expats bid for properties,” said Ms Victoria Garrett, head of residential for Asia-Pacific at Knight Frank, a property consultancy. “Due to the high demand locally as well as from Hong Kong, we are seeing properties let for exponentially more, compared to two years before.”

Singapore landlords are relishing the prospects of boosting their rental yields, just like in 2010-11 when the local economy grew 14.5 per cent in the post-crisis rebound. The ongoing competition among expatriates has sent vacancy rate to the lowest level since the third quarter of 2020.

BS. Rents are temporary due to locals upgrading to bigger units post lockdown AND delay in BTOs forcing many to rent. Nothing to do with the few dozens expats coming from HK which dont compensate for the thousands leaving boring Singapore. Rents will start to go down by September

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