List Sotheby's International Realty's senior associate vice-president Steve Tay believes that 2023 will be a record year for rental markets, with demand continuing to be strong as China reopens and more foreigners, especially from North Asia, decide to set up base in Singapore.Rentals for luxury properties continued to move upwards in recent months, with new record highs signed in both the landed and non-landed prime segments.
The $100,000 rental signed at The Marq in October is a 25 per cent jump from an $80,000 lease contracted in July for another four-bedroom unit at the same development. In April, a similar-sized unit was let for $60,000 a month. This compares to the previous registered high of $150,000 for a bungalow at Dalvey Estate with a floor area of 22,500 sq ft to 22,600 sq ft, leased in April 2022. In December, a Fourth Avenue house of about 26,000 sq ft was also leased for $150,000.
However, Tay noted that although rental for luxury properties will increase, it will be at a slower rate. Savills expects rentals for luxury apartments to rise by 10 per cent to 15 per cent in 2023, compared to 5-10 per cent growth for the mid-tier and mass market segments.
Source: News Formal (newsformal.com)
so this is what insanity taking over a country looks like
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