Non-Landed Homes Leasing Volume Surges 24.4% QoQ in Q3
Wednesday, Nov 13, 2024 9:09 pm ET
4min read The non-landed residential property market in Singapore experienced a significant uptick in leasing volume during the third quarter of 2024, with a quarter-on-quarter (QoQ) growth of 24.4%. This surge was driven by a combination of attractive rents, new supply, and increased demand from various segments of the market.
Attractive rents and new supply were the primary factors contributing to the surge in leasing volume. Tenants were drawn to the affordability and convenience of one to two-bedroom units, leading to a shift from public housing units to entry-level condominiums. This trend was evident across all regions, with the Rest of Central Region (RCR) leading the growth at 25.2%, followed by the Core Central Region (CCR) at 23.5% and the Outside of Central Region (OCR) at 21.2%.
The top three projects with the highest leasing volume during this period were Stirling Residences, The Sail @ Marina Bay, and Marina One Residences. These projects catered to the demand for smaller, more affordable accommodations, reflecting the overall trend in the market.
The demand for non-landed residential properties was further boosted by the school year and corporate relocation cycles. As students and professionals sought accommodations, the increased demand contributed to the overall lease volume growth. Additionally, lease expiries and renewals played a significant role in driving the market's activity.
The positive trends in the non-landed residential property market are expected to continue, supported by a robust supply pipeline. According to the Urban Redevelopment Authority (URA), around 34,120 units (including ECs) could be made available for sale over the coming year or so. This supply, combined with attractive rents and new developments, is likely to maintain the growth momentum in the leasing volume.
In conclusion, the 24.4% QoQ rise in non-landed homes leasing volume in Q3 was driven by a combination of attractive rents, new supply, and increased demand from various segments of the market. As the market continues to evolve, investors and tenants alike should stay informed about the trends and opportunities in the non-landed residential property sector.
Attractive rents and new supply were the primary factors contributing to the surge in leasing volume. Tenants were drawn to the affordability and convenience of one to two-bedroom units, leading to a shift from public housing units to entry-level condominiums. This trend was evident across all regions, with the Rest of Central Region (RCR) leading the growth at 25.2%, followed by the Core Central Region (CCR) at 23.5% and the Outside of Central Region (OCR) at 21.2%.
The top three projects with the highest leasing volume during this period were Stirling Residences, The Sail @ Marina Bay, and Marina One Residences. These projects catered to the demand for smaller, more affordable accommodations, reflecting the overall trend in the market.
The demand for non-landed residential properties was further boosted by the school year and corporate relocation cycles. As students and professionals sought accommodations, the increased demand contributed to the overall lease volume growth. Additionally, lease expiries and renewals played a significant role in driving the market's activity.
The positive trends in the non-landed residential property market are expected to continue, supported by a robust supply pipeline. According to the Urban Redevelopment Authority (URA), around 34,120 units (including ECs) could be made available for sale over the coming year or so. This supply, combined with attractive rents and new developments, is likely to maintain the growth momentum in the leasing volume.
In conclusion, the 24.4% QoQ rise in non-landed homes leasing volume in Q3 was driven by a combination of attractive rents, new supply, and increased demand from various segments of the market. As the market continues to evolve, investors and tenants alike should stay informed about the trends and opportunities in the non-landed residential property sector.
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