Savills Singapore’s Post

MSN: Savills research data showed private residential rents slipped 1.3% year-on-year in the first quarter, partially reversing the 4.8% YoY increase in the same three-month period a year ago.   Alan Cheong, Executive Director for Research & Consultancy at Savills Singapore, said rents have been gradually adjusting downwards recently as landlords move to attract tenants, especially those who missed out on the rental surge over the past two years.   “This could be due to lagged behaviour effects when landlords, in 2022, were slow to adjust rents upwards when the available stock for lease was dwindling fast,” Cheong said. “Landlords who saw themselves missing out on the rental bonanza last year just after their 2022 vintage leases were signed, now wanted to be recompensed for the opportunity costs.”   Read more here: http://sav.li/9ig   #Savillssg #Savillsresearch #Q1 #rentalguide #privateresidential #condo #rents Alan Cheong (GradStat) Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum

Singapore Business Review: Savills research data showed private residential rents slipped 1.3% year-on-year in the first quarter, partially reversing the 4.8% YoY increase in the same three-month period a year ago. Alan Cheong, Executive Director for Research & Consultancy at Savills Singapore, said rents have been gradually adjusting downwards recently as landlords move to attract tenants, especially those who missed out on the rental surge over the past two years.   “This could be due to lagged behaviour effects when landlords, in 2022, were slow to adjust rents upwards when the available stock for lease was dwindling fast,” Cheong said. “Landlords who saw themselves missing out on the rental bonanza last year just after their 2022 vintage leases were signed, now wanted to be recompensed for the opportunity costs.”   Read more here: http://sav.li/9hf   #Savillssg #Savillsresearch #Q1 #rentalguide #privateresidential #condo #rents Alan Cheong (GradStat) Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum

Savills Research shares that rents in the first quarter are lower than they were a year ago. Overall rents have dropped by 1.3% on a year-on-year (YoY) basis. Rents for the more popular rental types (1- to 3-bedroom units) slid further, falling 2.1% on a quarterly basis. Average median rental dropped the most for the 3-bedroom types (2.6%).   Alan Cheong, Executive Director, Research & Consultancy, Savills Singapore comments, “So far, rents have been adjusting downwards in a well-mannered fashion and we believe one of the reasons for this is that landlords had not been panicking to sign on tenants at low ball offers. This could be due to lagged behaviour effects when landlords, in 2022, were slow to adjust rents upwards when the available stock for lease was dwindling fast. Now, the same may be playing out when landlords who saw themselves missing out on the rental bonanza last year just after their 2022 vintage leases were signed, now wanted to be recompensed for the opportunity costs.”   George Tan, Managing Director, Livethere Residential, Savills Singapore says, “We are expecting about 9,600 units of new private residential housing in 2024. As this number is significantly lower than the 19,376 units that were completed in 2023, it may reduce the pressure to lower rents.”   Get the insights here: http://sav.li/9jf   #Savillssg #Savillsresearch #Q1 #rentalguide #privateresidential #condo #rents Alan Cheong (GradStat) Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum

Savills Research forecasts private residential rental prices to drop 5% year-on-year (YoY) in 2024. Leasing activity of private residential properties has been slowing down due to businesses, especially those in the tech and finance industries, restructuring to pare down their costs. The quarterly decline was the most, by 29.6%, for landed houses, whilst non-landed private residential properties saw declines in the range of 17.0% to 19.3%. 2023 leasing volume was also the lowest in seven years since 2016, 8.9% lower than in 2022. George Tan, Managing Director, Livethere Residential, Savills Singapore says, “Given that the demand for expatriate housing has eased, the increased availability of units due to the completion of 19,968 new build units in 2023, with another 9,636 expected in 2024, provide tenants with a broader range of options to choose from.” Alan Cheong, Executive Director, Research & Consultancy, Savills Singapore says, “We expect rents to fall year-on-year, but landlords who have leases due will still get a rental uplift because the current rents are still higher than those signed two years ago. However, the landlords who are asking for rental increases greater than market rates will find that not only enquiries fall to negligible levels, but also the unit may remain vacant for a prolonged time. Check out the insights here http://sav.li/7z9 #savillssg #savillsresearch #privateresidential #rental Wen Fang Tai Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO

The Business Times: Savills Singapore reported that the rents for non-landed private homes dipped slightly by 0.7% in the second quarter of 2024, an improvement from the drop by 1.8% in Q1. Alan Cheong (GradStat), Savills Executive Director of Research and Consultancy said, “Although rents are appearing to be pulling out of a dive, it is increasingly the norm that once a tenant vacates, the unit will take a month or two to be let out unless the landlord lowers the rent significantly. By ‘significant’, it may mean asking for rents achieved in mid-2022.” George Tan, Managing Director of Livethere Residential, Savills Singapore said, “We are expecting 9,600 units to be completed this year versus 19,376 new units that were completed last year. Though there is current stock still in the market, rents are stabilising. This is likely due to the stock slowly being absorbed.” Get the insights here: http://sav.li/b54 #savillssg #savillsresearch #livethere #privateresidential #q22024 #q2rentalguide #Singapore #privateresidentialrents Zhen Zeng Wen Fang Tai Jocelyn Choong@ Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum 

MSN: Savills Singapore revealed that new condo launches in 2024 are slower as buyers adopt a more cautious approach. The Q1 Residential Sales report shared that new private homes launched across the city-state increased 23% QoQ in the first quarter, driven by a higher volume of new condos in Outside Central Region (OCR) and Rest of Central Region (RCR).    Alan Cheong Executive Director, Research & Consultancy at Savills Singapore said, “This year is likely to be one where we see how challenging business conditions may affect home buyers’ sentiments or whether it is a case where demand still holds strong arising from the store of wealth held by those who are unaffected by fluctuations in the job market.”   Read more here: http://sav.li/a70   #savillssg #Q1 #residentialsales #condosales #privateresidential #savillsresearch Wen Fang Tai Zhen Zeng George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum

Savills Research revealed that the number of private residential units launched has rebounded in the first quarter, while private residential launches surged by 23% quarter-on-quarter, driven by the Rest of Central and Outside Central Regions, the Core Central Region saw an 84% decline, hitting a six-year low. Secondary sales fell for the third consecutive quarter by 5.4%, reflecting cautious buyer sentiment amidst economic uncertainties. However, new sales rebounded by 6.6%, showing cautious optimism. Despite the challenges, the private residential market outlook remains hopeful with potential improvements expected later in the year. Alan Cheong (GradStat), Executive Director, Research and Consultancy, Savills Singapore comments, “This year is likely to be one where we see how challenging business conditions may affect home buyers’ sentiments or whether it is a case where demand still holds strong arising from the store of wealth held by those who are unaffected by fluctuations in the job market. In terms of new sales pricing, we may need to consider at what levels developers may sell their projects built on GLS sites that were awarded this year at prices below expectations." Read the full Residential Sales Briefing Report here: http://sav.li/a50 #savillsg #Q1 #residentialsales #privateresidential #savillsresearch George Tan Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum Wen Fang Tai Zhen Zeng

Real Estate Asia: Savills Research reveals that the Singapore private residential leasing market has contracted 2% on a yearly basis with 19,680 leases for private residential homes inked in Q1. However, overall vacancy rate has improved quarter-on-quarter to 6.8%.   George Tan, Managing Director, Livethere Residential, Savills Singapore says, “Lately, feedback from the ground is indicating that agents are receiving more enquiries from younger singles or couples. This seems like another cycle building for a new batch of incoming professionals. Whether this is the beginning of another long cycle, or a short one remains to be seen because these enquiries could just be partially replacing the foreign professionals that had left. However, the feedback we have is not universally experienced by agents.”   Alan Cheong (GradStat), Executive Director, Research & Consultancy, Savills Singapore adds, “It seems the rental market has turned from a landlord to a tenant’s market. If the feedback that another wave of younger professionals are arriving is true, it may support rents for room lettings or co-living premises. The number of leases signed for whole unit lettings should, however, remain soft as such lettings do not translate one-to-one to stamped leasing contracts. We still maintain our forecast of rents falling 5% YoY in 2024.”   Read the insights here: http://sav.li/a34   #Savillssg #savillsresearch #privateresidential #homerental #Q1 Jocelyn Choong Josephine Sin, GMS Pamela Lai Angela Koh Jasmine Eng Jennifer Ng Fion Wong Eleanor Tan Rowena Teo Walter Teo Joey TEO Anni Kum Wen Fang Tai Zhen Zeng

CBRE launches Hong Kong Real Estate Market Outlook 2024 Hong Kong commercial real estate market showed mixed trends across sectors in 2023. The year saw a noticeable decline in investment volume, while office and retail leasing showed improved velocity. The market faces challenges for a strong recovery in 2024 as geopolitical and economic uncertainties remain in place, however, Hong Kong’s business environment is expected to improve, according to CBRE Hong Kong’s 2024 Market Outlook. Overall property demand is expected to see moderate growth in 2024,” said Marcos Chan Executive Director, Head of Research, CBRE Hong Kong, Macau & Taiwan. Ada Fung Executive Director, Head of Advisory & Transaction Services – Office Services, CBRE Hong Kong: “The office market posted moderate growth in new leasing volume with vacancy rising to another all-time high. Although there were some upgrading activities in Kowloon, cost saving was still the main theme for the year. Lawrence Wan, Senior Director, Head of Advisory & Transaction Services – Retail, CBRE Hong Kong: “The retail leasing market has improved significantly over the year, and even broke a record in new leasing volume of high-street shops. Looking ahead into 2024, recovery of the Chinese economy, anticipated strengthening of the RMB and potential interest rate cuts will lend support to tourist and local consumptions.  Samuel Lai, MRICS, Executive Director, Head of Advisory & Transaction Services – Industrial & Logistics, CBRE Hong Kong: “Weak trade flow ensured a subdued leasing environment for industrial properties in 2023. Traditional occupier groups such as 3PLs were slow in leasing, but emerging trades brought some new demand for space. The outlook for 2024 would depend on the pace of recovery of global trade flow. Jonathan Chau, Executive Director, Head of Investment Property & Private Office, Capital Markets, CBRE Hong Kong: “Deep negative carry, banks’ cautious lending, economic and geopolitical uncertainties as well as weak demand in some local property sectors combined to half investment volume year-on-year in 2023. COMMO The INDUSTRIALIST The ASEAN Developer Tom Gaffney Bernadette Lau Jenny Fung RICS Sabrina Ho CBRE Asia Pacific Troy Wu Tina Cheung Paul Hubbard-Brown #hongkong #mrics #rics #ricsapc #hongkongrealestate #hongkongbusiness #realestateagent #cbre #cbreresearch #realestateagents #capitalmarkets #industrialrealestate #officemarkets

There was none at below VND2 billion. In a recent note Savills said supply last year was the lowest in 10 years at only 10,700 units. There were only 6,300 successful transactions. Prices of high-end apartments in the primary market returned to the 2020 average of VND69 million per square meter, down 45% from 2022. In terms of price per square meter, data from another real estate consultancy, CBRE, showed 84% of apartments offered for sale in the city last year cost VND50-98 million. https://lnkd.in/gMHgt-ch